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ACE Ltd. completes sale of runoff reinsurers

July 28, 2006, 5:10 am

ACE Ltd. announced the completion of the sale of three runoff reinsurance companies to a London investment firm, reducing its legacy liabilities, including asbestos, by around $900 million and reducing its reinsurance recoverables by about $400 million. The deal, when proposed, drew objections from some of ACE's cedents.

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Category: Reorganization and liquidation

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