Bermuda-based insurance giant ACE Limited reveals the long-awaited findings of audits into the adequacy of its asbestos reserves after market close tonight.

The company, which is listed on the New York Stock Exchange, will follow its release of information tonight with an investment conference call tomorrow morning at 9:30 a.m. Bermuda time.

The announcement tonight comes less than two years after ACE boosted its asbestos reserves to the tune of $2 billion after its own internal review and a study by an outside firm concluded the reserves were under-funded.

The development resulted in a net charge to ACE of $354 million, with the balance offset by reinsurance coverage.

Although it will not be known until tonight whether ACE will once again up its reserves for future asbestos claims, there has been speculation that the company may need to.

Speculation on whether ACE might again boost its reserves - with at least one financial analyst predicting the company would - come after the US legislative environment has continued to be flooded with claims from those exposed to the once commonly-used fire retardant now known to be a cancer-causing agent.

ACE picked up its exposure to asbestos liabilities through its purchase of Cigna's P&C business in 1999.