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ACE has slashed around one-third of its staff at ACE Guaranty Corp. and ACE Capital Re and exited several businesses to prepare its capital markets subsidiaries for an initial public offering lined up for next quarter.
ACE has slashed around one-third of its staff at ACE Guaranty Corp. and ACE Capital Re and exited several businesses to prepare its capital markets subsidiaries for an initial public offering lined up for next quarter. The monoline has stopped writing protection on the equity and mezzanine layer of credit derivatives and total-rate-of-return swaps written on portfolios of primarily investment grade corporate credits and highly rated classes of structured securities,...