August 2003/2

As ACE Limited announced a solid set of second quarter results, the spectre of asbestos balance sheet threats loomed again amid concerns over the legacy of Brandywine and ACE INA, inherited with the $3.45bn purchase of CIGNA’s p/c operation in July 1999.

Lloyd’s managing agency Abacus is set to launch a new professional indemnity (PI) syndicate with former PRI underwriter Andy Dore at the helm, Insider Week can reveal. Dore left PRI in mid June after the liability start-up was taken over by Brit.