ACE Ltd. Evaluates Exposure in the Wake of Terrorist Attacks

September 17, 2001

As ACE Limited examined its levels of insurance and reinsurance exposure, the Company joined the world community in condemning Sept. 11’s acts of terrorism in the U.S.

Brian Duperreault, chairman and CEO of ACE Limited, stated: “The human toll is beyond comprehension. While we believe that the lives of all ACE employees who worked near the World Trade Center were spared, none of us has been left unscarred by this horrific series of events.

“We are assessing the impact on ACE, as we must, and we are in an excellent position to weather this catastrophe. At the same time, the safety, security and well-being of our employees are uppermost in our minds. We are also reaching out in whatever way we can to assist those business partners, families and friends whose lives have been changed forever.”

Duperreault said that an event of such unprecedented magnitude would have a significant negative impact on the company’s third quarter results.

“As a result of these events, we estimate that third quarter net operating income, after tax, will be reduced by approximately $400 million.”

Duperreault said that all ACE offices in the U.S., with the exception of space occupied in the vicinity of the World Trade Center, were opened for business on Sept. 13.

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