The ACE Group of Companies has reduced its exposure to legacy liabilities, including asbestos, by $900 million and reduced its reinsurance recoverables by $400 million after selling three run-off reinsurance subsidiaries to Randall & Quilter Investment Holdings Limited.

Ace Limited did not disclose the financial details related to the sale of ACE American Reinsurance Company, Brandywine Reinsurance Co. (UK) Ltd. and Brandywine Reinsurance Company S.A.-N.V. Ace originally disclosed plans to sell the businesses in January 2005.

The UK's Financial Services Authority and the Pennsylvania Department of Insurance approved the sale of the companies within their jurisdiction after concluding that the companies were adequately capitalised and that Randall & Quilter was a fit buyer.

Ace fell $1.12 or 2 percent to close on the New York Stock Exchange at $49.47.