Son of English Lord makes tennis ball claim against ACE
Bermuda-based ACE Ltd. may have to pay out $132,000 to a 10-year-old English Lord who was hit in the eye by a tennis ball, according to the Grimsby Evening Telegraph newspaper, in England.
ACE sues CIGNA for $170 million, alleges accounting and tax errors
ACE Ltd. filed a civil complaint against CIGNA on December 11, 2000 alleging breach of contract stemming from its $3.45 billion acquisition of CIGNA's property and casualty business in July, 1999.
ACE is seeking compensatory damages of $218 million, comprising $170 million in alleged over-valuation of the acquired business and $48 million under a Tax Sharing Agreement. ACE is also asking for a declaration that it is not liable to CIGNA for any additional tax liabilities.
OPL’s massive loss mars generally healthy results for Bermuda insurers
Bermuda Insurance Market Results Round-Up: The quarter ended June 30, 2000 was a healthy one for most Bermuda reinsurers, with six reporting profits, and two suffering losses, including a massive one for Overseas Partners Ltd. The general view was that the market has turned, rates have hardened and that profits should start rolling in again following a dismal 1999.
Superior Court throws out AIG-Chubb lawsuit against ACE
The Superior Court of the State of California has thrown out a lawsuit filed against ACE Ltd. by subsidiaries of AIG and Chubb.
ACE shares fall due to extra reserving for implant claims
Shares in excess liability insurer ACE Ltd. fell by $2 per share on the New York Stock Exchange yesterday in unusually heavy trading after the firm announced it was setting aside another $200 million to meet breast-implant litigation claims.
ACE and EXEL do not expect losses from breast implant coverage to cause undue problems
Potential losses from breast implant litigation in the United States should not cause undue problems for Bermuda-based excess liability carriers ACE and XL, both companies said this week.