As part of today's settlement with the Attorneys General and the Superintendent, ACE acknowledges that certain of its employees violated both acceptable business practices and ACE's own standards of conduct by engaging in behaviour that included improper bidding practices and certain ‘finite reinsurance' transactions. ACE apologises for this conduct. It has reformed its business practices and is satisfied that this behaviour will not be repeated. In order to promote transparency and reduce the potential for conflicts of interest, ACE has supported legislation in the US to eliminate contingent compensation and through this agreement pledges to continue to do so.”