Ace has received approval to sell Ace American Reinsurance Company (AARe) to Randall & Quilter Investment Holdings, a UK run-off company.
The Pennsylvania insurance commission approved the sale of AARe yesterday.
The UK's FSA has already approved the sale of its sister company, Brandywine Reinsurance Company to Randall & Quilter.
The sale was approved subject to a number of conditions. These include an actuarial review of reserves every two years and a restriction on redomiciling out of the state without prior approval.
AARe will be renamed R&Q Reinsurance Company once the agreement is ratified.
