The Collaborative Clearinghouse for Lawsuits and Other Claims Against ACE Group Insurance Companies

ACE American Reinsurance Company

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Principal Office:

Province:: Alabama
Country:: United States

Notes:

Sold to Randall and Quilter Investment Ltd, a London based international insurance management firm in August of 2006

Closed Complaints

NAIC Complaint Report

Licensing

NAIC Writing Report

Financial Information

NAIC Financial Report

The information on this page may not be current. For the most recent information, please contact the relevant state insurance authority.

Case List

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Did you know?

Bad faith is the unreasonable failure of an insurance company to honor the terms of an insurance policy and deal with a policyholder in good faith. Insurance companies who are found to have acted in bad faith can be liable for punitive damages in addition to contract damages. Some states have bad faith statutes called "Unfair Insurance Claims Practices Acts."

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.

The New York Attorney General's 2004 insurance investigation revealed compelling evidence pointing to the widespread practice of bid rigging and other improper transactions perpetrated by ACE, AIG, and Marsh, among others. ACE avoided a trial by paying a large settlement, agreeing to significantly change its business practices, and the company issued a formal apology to consumers who had been victimized.

In a lawsuit brought against ACE subsidiary Insurance Co. of North America by Pepsi-Cola Metropolitan Bottling Co. U.S. District Judge Stephen Wilson stated in 2011 that evidence against the insurer established a pattern of delaying payments on valid insurance claims.

In January of 2011, 10 ACE Group Companies agreed to pay $70 million in settlement fees to the New York Workers’ Compensation Board after an investigation into whether certain insurance companies had been overcharging policyholders.

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