Ace said its fourth quarter profits would be reduced by $298m which it has put aside to cover asbestos claims.
The company also said it would sell three reinsurance units in the first half of the year to Randall and Quilter Investment Holdings.
According to a study by ratings agency AM Best, insurance companies worldwide have underestimated asbestos liability claims by $14bn.
Ace said it would increase its reserves to cover the asbestos liabilities that it assumed when it brought Cigna's property and casualty business in 1999.
The charge of $1.05 per share will be divided across two units: Brandywine Holdings and Ace Westchester Speciality. The portion of charge relating to Brandywine amounts to $279m and will result in a reserve increase of $788m or $339m after reinsurance and tax.
Westchester will face a charge of $19m with a reserve increase of $200m or $25m net of reinsurance and before tax.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
