ACE president and CEO Evan Greenberg would not be drawn this week on whether or not the company's reserves for future asbestos claims were adequate but said the company was still on track to have in hand the findings of two reviews before the end of the year.

Mr. Greenberg declined to speak more on the subject pending review of the findings of ACE's own internal audit of reserves and the results of an external review.

There have, however, been questions on whether ACE might boost its reserves after the legislative environment has continued to be flooded with claims from those exposed to the once commonly-used fire retardant.

In early 2003, ACE boosted its reserves by some $2 billion which resulted in a $354 million charge to the company. And at least one financial analyst who follows the insurance sector predicted earlier this year that the Bermuda-based insurance giant would move once again to top up its funds for future claims.

Mr. Greenberg and other ACE senior management spoke with the investment community on a conference call on Wednesday morning, after the company revealed Tuesday night that it had posted a $3 million net loss, as a direct result of devastating hurricane and typhoon activity.

Although ACE has been much in the news after legal action taken by New York Attorney General Eliot Spitzer against broking giant Marsh & McLennan alleged that ACE was one of several companies that had participated in 'rigged bids' with Marsh, analysts this week seemed more intent on seeking clues to where ACE's exposure to asbestos-related claims lay.

The company ? which picked up its asbestos liabilities as a result of its 1999 takeover of Cigna's property and casualty operations ? has said previously that the level of liabilities from asbestos did have a ceiling, including an $800 million contractual limit under a reinsurance agreement with National Indemnity Company (NICo), a division of Berkshire Hathaway.

But this week Mr. Greenberg would not predict what will happen on ACE's asbestos claims front: "Let's let the studies play out and then we will look at it. Before we close out the year, we'll have the results of the study and we will share (analysis) with you," he told analysts, adding that whatever the results of the study "good or bad" he would face the issue head-on.