Ace CEO Calls Asbestos Suits A 'Drag' on Economy
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Published March 7, 2003

Property-casualty insurance rates should remain "hard," if not rise, in
many lines into 2004, Ace Ltd.'s top executive said, speaking at a
luncheon at the Association of Insurance and Financial Analysts'
conference in Scottsdale, Arizona on March 3.

Brian Duperreault, the Bermuda insurer's chairman and chief executive,
said the US property-insurance market has corrected itself in recent
months.  However, property-insurance rates continue to rise outside the
US, especially in Europe, he said.  At the same time, casualty-
insurance rates are rising in many lines.

Mr. Duperreault said the rising cost of asbestos litigation is a drag
on the US economy, describing it as offensive and excessive.  He said
it's having a negative effect beyond the world of insurers.





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