Ace Stripped Reinsurance Unit Before $1B Sale, Suit Says

Law360, New York (May 11, 2012, 2:57 PM EDT) -- Randall & Quilter Investment Holdings PLC on Thursday accused insurance giant Ace Group and subsidiaries of stripping a reinsurance unit of key assets and loading it with concealed liabilities before selling it to R&Q in a $1 billion deal, breaching their purchase agreement.

R&Q now seeks at least $50 million in restitution and damages it suffered after it purchased Ace American Reinsurance Co. and two other reinsurance units for $1 billion from Ace INA International Holdings Ltd. in 2005, according to a complaint filed in New...
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