Bermuda insurance giant ACE Limited failed to release details of a review into the adequacy of its reserves for asbestos-related claims by Press time last night.

The company ? which trades on the New York Stock Exchange ? announced in December that it would be making public this information after market close yesterday but by 11 p.m. there was still no news from ACE. ACE management are set to discuss developments ? with widespread speculation by investment analysts that the company would boost reserves by taking a multi-million dollar hit on fourth quarter earnings ? on a conference call at 9.30 a.m. this morning

Developments at ACE on the asbestos-related claims front come less than two years after it boosted its reserves for this type of claim by taking a $354 million charge to add the gross total of $2.178 billion to the pot.

At the time, ACE said reserve levels had been set conservatively to cover the ?worst case scenario?. In effect, the company said topping up its reserves by some $2 billion should be sufficient to put the issue behind the company. Less than a year ago, in February, 2004, the company still maintained it was ?comfortable? with its reserve for asbestos-related claims, but yesterday analysts were predicting ACE could take an after-tax charge of up to $500 million, in a bid to strengthen current asbestos reserves that stand at $2.7 billion.

Speculation that ACE could again boost its reserves comes after the US legislative environment has continued to be flooded with claims ? with lawsuit settlements and awards escalating into the region of $100 million and more per case ? from those exposed to the once commonly-used fire retardant shown to be a cancer-causing agent.

Although insurers have been pushing for legislative reforms from the US Congress, hopes that this would happen in 2004 did not pan out. However, ACE said previously that its reserves do not ?anticipate any federal reform?.

ACE ? which picked up its asbestos liabilities as a result of its 1999 takeover of Cigna?s property and casualty operations ? has said previously that its level of liabilities from asbestos did have a ceiling, but management have not said categorically if ACE would walk away from claims coming in after that level was reached.

In 1995, Cigna reached an agreement with the Pennsylvania Insurance Commissioner to cordon of asbestos-liabilities within run-off subsidiary Brandywine. At the time of the Cigna purchase in 1999 ACE bought $2.5 billion of reinsurance coverage from Berkshire Hathaway subsidiary National Indemnity Company, but its last reserve boost largely depleted that protection.

Yesterday Paul Newsome, an analyst with AG Edwards, said Brandywine?s assets were also largely depleted. In addition, an $800 million reinsurance contract with parent company ACE USA had also reportedly largely been gone through.

Analysts have also been closely watching the company?s reinsurance recoverables balance with concern that reinsurers might not make good on the full balance, if it came to it.

Yesterday shareholders showed little reaction to the pending announcement from ACE, with shares closing down three cents to $42.19.

ACE management are set to discuss developments to its reserves for asbestos-related claims with investment analysts at 9.30 a.m. this morning. The call can be accessed through the company?s website, www.acelimited.com. ACE is also expected to update guidance given previously with the company scheduled to release its fourth quarter results after market close on February 5.