ACE is listed on the New York Stock Exchange and has numerous American stockholders. However, many of ACE Limited's officers and directors, who are not US residents, might be immune from civil liability under US Securities laws designed to ensure corporate accountability. This is a significant benefit of the ACE board's decision to reincorporate in Switzerland during 2008.
Stymied by Family Feud, ACE Unit Wants Court to Take Life Policy Proceeds
The ACE Group unit’s suit against four survivors of Joan Swift is in U.S. District Court in the Northern District of West Virginia. Swift had originally conducted business with American Agency Life Insurance Co., buying a life policy in 1987 with a value of $100,000.
Swift named her husband, Edwin Swift, as primary beneficiary. Her contingent beneficiaries are her four children, who were to equally divide the policy proceeds.
Swift died Sept 27, 2009. Since her husband had predeceased her, the benefits were due to go to her surviving children.
By then, Combined had acquired Globe Life Insurance Co., which had taken over the American Agency policy.
Combined said it was notified of Swift’s death by her son, Bryant Swift. It mailed him a claimant’s statement, which he returned. However, he was unable to obtain the needed endorsements of his three siblings.
Combined said that it reached out to the other three, named as Jerry Swift, Vickie Baker and Michael Swift, in an effort to pay the claim but that “cooperation was not forthcoming.”
Combined wrote Bryant Swift in late 2012 and advised him that there might be a disagreement among the children over entitlement to the policy proceeds. As of now, only Bryant Swift has filed a statement.
Combined sued all four of the children in West Virginia (Bryant Swift lives in Glendale, W. Va.). It asked the court to approve of the insurer’s admitted liability and accept from it $100,000 plus any accrued interest. It asked the court to enjoin any of the children from pursuing any claim against it, and that the court determine who gets the money.
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