Insurance firm Ace could be on the hook for up to $30 million related to the pre-Christmas hacking scandal at one of the America’s biggest retailers, according to US reports.

Business Insurance — quoting unnamed sources — said Ace, which is based in Switzerland and has substantial operations in Bermuda, covered chain store Target, which suffered a data breach involving credit and debit card information of around 70 million customers and had around $165 million in insurance to cover itself and senior executives against cyber crime.

The Business Insurance report added that Bermuda-based Axis Capital Holdings insured the firm against cyber crime to the tune of $10 million.

A spokeswoman for Ace declined to comment on the Business Insurance claims and Axis had not responded to a request for comment by press time.

It was reported that Ace covered $15 million in cyber insurance for Target, as well as another $15 million in executive liability.

The Business Insurance report quoted sources as saying Target had at least $100 million in cyber insurance and $65 million in cover for directors and company officials.

Other companies with a Bermuda presence said to be involved in insuring Target were AIG, with a total of $50 million insured.

A further $40 million in insurance is divided among four unnamed firms, while US firms are also involved.

Target said that customers would have no liability for fraudulent charges resulting from the data breach.

The incident led to both state and federal investigations, as well as several lawsuits against Target, the third-biggest retailer in the US.

Business Insurance said Target declined to comment on its insurance coverage.