Randall & Quilter Investment Holdings Limited, an international insurance management company, has purchased three run-off reinsurance subsidiaries from ACE Limited.

The agreement to sell ACE American Reinsurance Company, Brandywine Reinsurance Co. (UK) Ltd. and Brandywine Reinsurance Company S.A.-N.V. to Randall & Quilter was announced in January 2005.

As a result of the sale, the ACE Group of Companies claims it has reduced its exposure to legacy liabilities, including asbestos, by approximately $900 million and has reduced its reinsurance recoverables by approximately $400 million. The sale followed certain necessary approvals by the UK's Financial Services Authority and the Pennsylvania Department of Insurance. Both regulators approved the sale of the companies within their jurisdiction after concluding that the companies were adequately capitalised and that Randall & Quilter was deemed a fit buyer.