ACE sued for $133 m in Cayman over unpaid claims arising from Liberian civil war

ACE Ltd. is being sued for US$133 million at the Grand Court of the Cayman Islands by the Receiver of the Liberian operations of CIGNA Worldwide Insurance Company.The action was brought on July 9, 2008 – one day before ACE’s shareholders approved – at the company’s AGM in Bermuda – a proposal to move ACE’s domicile from the Cayman Islands to Switzerland. Two days prior to the completion of its re-domestication being announced on July 18, ACE gave a written undertaking to the Cayman court that its Swiss successor would submit to the jurisdiction following the transfer and pay any sum that the court might order in the case. Without such an undertaking, it is questionable whether ACE would have been allowed to move to Switzerland.