ACE CEO Brian Duperreault yesterday said the company was comfortable with the reserves it had put up for claims from the 2001 terrorist attack on the World Trade Center, and was not making any adjustments.

Last month another Bermuda-based insurer XL Capital reduced its WTC reserve by $181 million.

The level of ACE's WTC reserves prompted one analyst, Mark Lane of William Blair ? who covers both ACE and XL ? to ask when the company might adjust its reserves downwards.

"How long do you think it will take to get some clarity on whether you can definitively say that you feel that you are potentially in an over reserve position," Mr. Lane asked, on a conference call with ACE executives after they announced record earnings for 2003.

Mr. Duperreault said the company had $320 million set aside for WTC claims, and that that was coming down as claims were paid.

"There is still a lot of uncertainty in this. I do not know how long it will take to resolve itself. We look at this reserve like we look at every other one. We are comfortable; we think we have covered our liabilities. It becomes smaller and smaller as we pay claims... it remains to be seen what happens but we think we have the right reserve up," he said.