Ace Reportedly Hit with 43 Subpoenas

March 16, 2005

According to a Reuters report, Ace Ltd. said on Wednesday it has received 43 subpoenas, interrogatories, civil investigative demands and letters of inquiry in relation to the investigations of insurance industry practices.

In its annual report filed with the U.S. Securities and Exchange Commission, ACE reported it had gotten inquiries from the attorneys general in nine U.S. states along with the District of Columbia, and from insurance or other regulatory authorities in 10 states.

Ace reportedly is continuing an internal probe into insurance practices, involving matters raised by the SEC, New York Attorney General Eliot Spitzer and other attorneys general.

Spitzer and the SEC have reportedly submitted subpoenas to Ace for information about non-traditional or loss mitigation insurance products that could be used to help companies smooth earnings.

Ace stated that it has received inquiries from the attorneys general of Connecticut, the District of Columbia. Florida, Massachusetts, Minnesota, New York, Ohio, Pennsylvania, Texas and West Virginia. The company indicated the other regulatory requests came from California, Florida, Illinois, Maryland, Michigan, Minnesota, New York, North Carolina, Pennsylvania and Texas.