One of Bermuda's premier charity events is under threat after the withdrawal of the main sponsors.

Last night insurance giants Ace Limited announced that they would not be sponsoring this year's Celebrity Golf Classic, due to be held at the beginning of June.

The shock announcement comes just two weeks after the company confirmed that it would be the title sponsor for the event, fronted by Pulp Fiction star Samuel L. Jackson.

And the withdrawal means that tournament organisers -- Montreal-based Canadian Connection -- have just three months to find alternative sponsors.

Last night Chairman, President and Chief Executive Officer of Ace, Brian Duperreault, confirmed that his company would not be associated with this year's event.

"We feel that it would be in the best interests of all concerned if Ace withdrew its title sponsorship from the Celebrity Golf Classic,'' he said.

"This development in no way reflects the negativity or the very high regard we hold for Mr. Samuel Jackson and his tournament. We feel this is an exciting event, one that has great potential for Bermuda.

"But at this point in time the fit between Ace and the organisers is not a good one so we feel it prudent to end our involvement now rather than later.'' Mr. Duperreault did not comment on what made the company pull out of the tournament just weeks after it had agreed to be the main sponsor.

Last year the inaugural tournament raised nearly $250,000 for several charities.

Last night Mr. Jackson could not be contacted to discuss the future of this year's event.