Company Overview of ACE American Insurance Company
ACE American Insurance Company provides fire and casualty insurance products. The company was formerly known as Cigna Insurance Company and changed its name to Ace American Insurance Company in November 1999. The company was founded in 1945 and is based in Philadelphia, Pennsylvania. ACE American Insurance Company operates as a subsidiary of INA Holdings Corporation.
436 Walnut Street
Philadelphia, PA 19105
Founded in 1945
Key Executives for ACE American Insurance Company
Compensation as of Fiscal Year 2014.
ACE American Insurance Company Key Developments
Howard Hughes Corp. Files Lawsuit against Ace American Insurance Co. and Torus Specialty Insurance Co. over Sandy Damage in NY
Feb 10 15
Howard Hughes Corp. filed a lawsuit against ACE American Insurance Co. and Torus Specialty Insurance Co. for allegedly withholding payouts of more than $8.6 million in the wake of Superstorm Sandy. According to its complaint, filed in New York State Supreme Court, the company said both insurers steadfastly thwarted all reasonable attempts to compensate for losses sustained at six buildings within its South Street Seaport property. The company said water ran into the facilities, leading 'many tenants' to vacate the properties. Howard Hughes said the Seaport development was roughly 96% leased before Sandy and the company is calling on the firms to pay its claims of roughly $8.6 million, plus 9% interest.
Over 400 Current and Former Residents of Chesapeake File Two Separate Suits in State Court Against Headwaters Resources Inc
Nov 10 14
The Tenth U.S. Circuit Court of Appeals held the pollution exclusions in an insured's commercial general liability (CGL) policies precluded coverage for two actions alleging property damage and personal injury resulting from the release of toxic fly ash used in the construction of a golf course. The exclusions were unambiguous and negated the insurers' duty to reimburse the insured for expenses incurred in defending the actions. Over 400 current and former residents of Chesapeake, Va., filed two separate suits in state court against Headwaters Resources Inc., alleging property damage and bodily injury resulting from the discharge and dispersal of fly ash used in the construction of a golf course. Headwaters systematically transported the fly ash to an open pit adjacent to residential neighborhoods. Chemicals from the fly ash leached into the groundwater, damaging private wells used for drinking water. In addition, the fly ash pit released airborne contaminants. As a result of the contamination, the property values of the plaintiffs' homes depreciated, and members of the community risked serious bodily injury caused by exposure to the fly ash and its attendant toxins. Headwaters held seven CGL insurance policies issued by Illinois Union Insurance Co. and ACE American Insurance Co. (collectively, the insurers). Under each policy, the insurers were required to reimburse Headwaters for expenses associated with defending suits in which bodily injury or property damage within the scope of coverage was alleged. In the present case, however, the insurers denied coverage for the underlying litigation on the grounds that it fell within the policies' pollution exclusions. Headwaters brought an action in federal court, alleging the exclusions were ambiguous. The district court granted summary judgment in favor of the insurers, finding the exclusions precluded coverage. The Tenth Circuit affirmed the district court's judgment. In so ruling, the Tenth Circuit found certain of the at-issue pollution exclusions unambiguously applied to bar coverage and that the remaining pollution exclusions, although possibly ambiguous, still applied because the complaints unquestionably alleged traditional environmental pollution. As a result, the complaints triggered the pollution exclusions in all of the policies.
Southern California Edison Sues Ace American Insurance Co. for Failure to Cover Fire Loss
Aug 31 14
Southern California Edison Co. filed a lawsuit against Ace American Insurance Co. alleging the insurer failed to provide coverage after a fire. According to the lawsuit, Southern California Edison Co. owned a utility pole and allowed Time Warner Cable Enterprises to attach a fiber optic cable to the pole. In October 2007, a substantial fire broke out in the area around one of the utility poles that resulted in two lawsuits being filed against Southern California Edison. Southern California Edison alleges the agreement between it and Time Warner required Time Warner to provide insurance to Southern California Edison. Time Warner had insurance through Ace. The lawsuit alleges that both Time Warner and Ace failed in their obligations to defend and indemnify Southern California Edison.
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