2005-4-27 ACE Limited (NYSE: ACE) 8-K

http://www.sec.gov/Archives/edgar/data/896159/000119312505085884/0001193125-05-0858...
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<SEC-DOCUMENT>0001193125-05-085884.txt : 20050427
<SEC-HEADER>0001193125-05-085884.hdr.sgml : 20050427
<ACCEPTANCE-DATETIME>20050427072748
ACCESSION NUMBER:
0001193125-05-085884
CONFORMED SUBMISSION TYPE:
8-K
PUBLIC DOCUMENT COUNT:
6
CONFORMED PERIOD OF REPORT:
20050426
ITEM INFORMATION:
Results of Operations and Financial Condition
ITEM INFORMATION:
Financial Statements and Exhibits
FILED AS OF DATE:
20050427
DATE AS OF CHANGE:
20050427
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME:
CENTRAL INDEX KEY:
STANDARD INDUSTRIAL CLASSIFICATION:
IRS NUMBER:
STATE OF INCORPORATION:
FISCAL YEAR END:
ACE LTD
0000896159
FIRE, MARINE & CASUALTY INSURANCE [6331]
000000000
D0
1231
FILING VALUES:
FORM TYPE:
SEC ACT:
SEC FILE NUMBER:
FILM NUMBER:
8-K
1934 Act
001-11778
05774578
BUSINESS ADDRESS:
STREET 1:
STREET 2:
CITY:
STATE:
ZIP:
BUSINESS PHONE:
ACE BLDG
30 WOODBOURNE AVE
HAMILTON HM 08 BERMU
D0
00000
8092955200
MAIL ADDRESS:
STREET 1:
CITY:
STATE:
ZIP:
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
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<FILENAME>d8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML><HEAD>
<TITLE>Form 8-K</TITLE>
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<BODY BGCOLOR="WHITE">
P O BOX HM 1015
HAMITON BERMUDA
D0
00000
<HR SIZE="3" NOSHADE COLOR="#000000" ALIGN="left"> UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 <HR WIDTH="17%" SIZE="1" NOSHADE COLOR="#000000"> 
SIZE="1"> FORM 8-K </FO
SIZE="1" NOSHADE COLOR="#000000"> Current Re
STYLE="margin-top:0px;margin-bottom:0px"> Pursuant To Section 13 or 15 (d) of the </F
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center">Securities Exchange Act of 1934 
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center">Date of Report (Date of earliest event reported) April 26, 2005 <HR WIDTH="17%" SIZE="1" NOSHADE COLOR="#000000"> ACE LIMITED (Exact name of registrant as specified in its charter) <HR WIDTH="17%" SIZE="1" NOSHADE COLOR="#000000"> 
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">
<TR>
<TD WIDTH="34%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center">Cayman Islands</TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="top" ALIGN="center">1-11778</TD>
<TD VALIGN="top" ALIGN="center">98-0091805</TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center"> (State or other jurisdiction of Incorporation)</TD>
<TD VALIGN="top" ALIGN="center">(Commission File Number)</TD>
<TD VALIGN="top" ALIGN="center"> (I.R.S. Employer Identification No.)</TD></TR>
</TABLE> ACE Global
Headquarters 17 Woodbourne Avenue Hamilton HM 08 Bermuda (Address of principal executive offices) </
STYLE="margin-top:0px;margin-bottom:0px"> Registrants telephone number, including a
 Not applicable </
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center">(Former name or former address, if changed since last report) <F
SIZE="1"> <HR WIDTH="17%" SIZE="1" NOSHADE COLOR="#000000"> see General Instruction A.2. below): 
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">¨</TD>
<TD ALIGN="left" VALIGN="top">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </TD></TR></TABLE> 
<TR>
<TD ALIGN="left" VALIGN="top">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </TD></TR></TABLE> 
<TD ALIGN="left" VALIGN="top">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </TD></TR></TABLE> 
<TD ALIGN="left" VALIGN="top">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) </TD></TR></TABLE> <HR SIZE="3" NOSHADE COLOR="#000000" ALIGN="left">

<HR SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
Item 2.02. Results of Operations and Financial Condition On April 26, 2005, ACE Limited issued a press release reporting
results and the availability of its first quarter financial supplement. The press release and the financial supplement are attached hereto as Exhibit 99.1 and Exhibit 99.2, respectively, and are hereby incorporated herein
 Item 9.01. Financial Statements, Pro Forma Financial Inf
 
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top">Exhibits </TD></TR></TABLE> 
<TR>
<TD></TD>
<TR>
<TD VALIGN="bottom">Exhibit Number <HR WIDTH="42" SIZE="1" NOSHADE ALIGN="left" COLOR="#000000"></TD>
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<TD VALIGN="bottom"> Description<HR WIDTH="61" SIZE="1" NOSHADE ALIGN="left" COLOR="#000000"></TD></TR>
<TR>
<TD VALIGN="top">99.1</TD>
<TD VALIGN="bottom">Press release, dated April 26, 2005, reporting first quarter results</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="bottom">First Quarter 2005 Financial Supplement</TD></TR>
</TABLE>
SIGNATURES 
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf
duly authorized. <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0">
<TR>
<TR>
<TD VALIGN="top" COLSPAN="3">ACE LIMITED</TD></TR>
<TR>
<TR>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom"> /s/ Philip V. Bancroft<HR WIDTH="96%" SIZE="1" NOSHADE COLOR="#000000" ALIGN="left"></TD></T
<TR>
<TD VALIGN="top"> </TD>
<TD VALIGN="bottom" ALIGN="center">Philip V. Bancroft</TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="center">Chief Financial Officer</TD></TR>
</TABLE></DIV> DATE: April 26, 2005 
EXHIBIT INDEX 
<TD></TD>
<TR>
<TD VALIGN="bottom">Number <HR WIDTH="42" SIZE="1" NOSHADE ALIGN="left" COLOR="#000000"></TD>
<TD VALIGN="bottom"> Description<HR WIDTH="61" SIZE="1" NOSHADE ALIGN="left" COLOR="#000000"></TD>
<TD VALIGN="bottom"> Method of Filing<HR WIDTH="92" SIZE="1" NOSHADE ALIGN="left" COLOR="#000000"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP>Press release, dated April 26, 2005, reporting first quarter results</TD>
<TD VALIGN="top">Furnished herewith</TD></TR>
<TR>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TR>
<TD VALIGN="bottom">First Quarter 2005 Financial Supplement</TD>
<TD VALIGN="bottom">Furnished herewith</TD></TR>
</TABLE>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>dex991.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
<HTML><HEAD>
<TITLE>Press Release</TITLE>
</HEAD>
Exhibit 99.1 
<IMG SRC="g73753ex99_1news.jpg" ALT="LOGO"> FOR IMMEDI
<TR>
<TR>
<TD VALIGN="top">Investor Contact:</TD>
<TD VALIGN="bottom">Helen M. Wilson</TD></TR>
<TR>
<TD VALIGN="bottom">(441) 299-9283</TD></TR>
<TR>
<TD VALIGN="bottom">helen.wilson@ace.bm</TD></TR>
<TR>
<TR>
<TD VALIGN="top">Media Contact:</TD>
<TD VALIGN="bottom">Robert T. Grieves</TD></TR>
<TR>
<TD VALIGN="bottom">(212) 621-8684</TD></TR>
<TR>
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<TD VALIGN="bottom" NOWRAP>robert.grieves@ace-ina.com</TD></TR>
</TABLE> ACE LIMITED
REPORTS RECORD FIRST QUARTER OPERATING INCOME; NET INVESTMENT INCOME INCREASED 19% 
STYLE="margin-top:0px;margin-bottom:0px"> HAMILTON, Bermuda April 26, 2005 ACE Limited
net income for the first quarter ended March 31, 2005 of $433 million or $1.46 per common share after payment of preferred dividends, compared with net income of $447 million or $1.53 per share for the same quarter last y
realized gains (losses) for the first quarter was $441 million, or $1.49 per share, compared with $411 million or $1.40 per share for the same quarter a year ago. (in millions, except share and per share amounts) 
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<TD></TD></TR>
<TR>
<TD COLSPAN="2" VALIGN="bottom"> </TD>
<TD VALIGN="bottom" COLSPAN="8" ALIGN="center">(Per Share - Diluted) <HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"> </TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center">2005 <HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" ALIGN="center">Change <HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" ALIGN="center">Change <HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> Net income</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">433</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom">(3</TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom">)%</TD>
<TD VALIGN="bottom" ALIGN="right">1.46</TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom">(5</TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom">)%</TD></TR>
<TR>
<TD VALIGN="top"> Net realized gains (losses), net of tax</TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">(8</TD>
<TD NOWRAP VALIGN="bottom">)</TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"> </TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">(0.03</TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"> </TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"> </TD></TR>
<TD VALIGN="top"> Income excluding net realized gains (losses), net of tax (1)</TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom">7 </TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom">%</TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom">6 </TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom">%</TD></TR>
</TABLE> Evan Greenberg, President and Chief
Executive Officer of ACE Limited, commented: This was a very good quarter for ACE. We had record operating income, led by substantial increases in earned premiums and net investment income, and excellent P&C und
reflected in a combined ratio of 89.2%. Our written premium growth rate is naturally slowing in line with a softening rate environment and our determination to maintain underwriting discipline. Other first quarter operating highlights were as follows: 
STYLE="margin-top:0px;margin-bottom:-6px"> 
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<TD WIDTH="4%"> </TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"></TD>
<TD WIDTH="1%" VALIGN="top"> </TD>
<TD ALIGN="left" VALIGN="top">P&C net earned premiums increased 15% over the prior year quarter </TD></TR></TABLE> 
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<TD ALIGN="left" VALIGN="top">The P&C combined ratio was 89.2% for the quarter compared with 88.4% a year ago </TD></TR></TABLE> 
<TD ALIGN="left" VALIGN="top">Operating cash flow amounted to $1.2 billion for the quarter </TD></TR></TABLE> 
<TR>
<TD ALIGN="left" VALIGN="top">Invested assets increased by $756 million from year-end 2004 </TD></TR></TABLE> 
<TR>
<TD ALIGN="left" VALIGN="top">Net investment income increased 19% to $284 million over the prior year quarter </TD></TR></TABLE> <FO
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<TD ALIGN="left" VALIGN="top">Shareholders equity increased to $9.9 billion from year-end 2004 </TD></TR></TABLE> 
<TD ALIGN="left" VALIGN="top">Tangible equity rose to $7.3 billion, a gain of 2% from year-end 2004 </TD></TR></TABLE> 
<TD ALIGN="left" VALIGN="top">Debt to total capital ratio improved to 16.1% from 16.3% at year-end 2004 </TD></TR></TABLE> 
<TD ALIGN="left" VALIGN="top">Return on equity for the quarter was 18.4%; excluding FAS 115 it was 19.4% (2)</F
FACE="Times New Roman" SIZE="2" COLOR="#000000"> </TD></TR></TABLE> 
<TR>
<TD ALIGN="left" VALIGN="top">Diluted book value per share as of March 31, 2005 was $32.62 (3) </TD></TR></TABLE> Financial results b
with prior years results follow. Further details are available in the financial supplement. Key items include: 
<TR>
<TD ALIGN="left" VALIGN="top">Insurance-North American: Net premiums written increased 18% for the quarter and the combined ratio was 88.6%. </TD></TR></TABLE> 
<TD ALIGN="left" VALIGN="top">Insurance-Overseas General: Net premiums written were flat for the quarter. The segments combined ratio improved to 87.0%. </TD></TR></TABLE
<TR>
<TD ALIGN="left" VALIGN="top">Global Reinsurance: Net premiums written were down 7% for the quarter. This segment had a combined ratio of 82.4%. </TD></TR></TABLE> 
<TD ALIGN="left" VALIGN="top">Financial Services: Income excluding net realized gains (losses) was $40 million for the quarter. </TD></TR></TABLE> Please refer to the ACE Financial Supplement March 31, 2005, which is posted on the Companys website, for
individual segment performance, together with additional disclosure on reinsurance recoverable, loss reserves, investment portfolio and capital structure. ACEs website reference (url) is
http://media.corporate-ir.net/media_files/nys/ace/reports/ fin_supp_march_31_2005.xls. (Due to the length of this URL, it may be necessary to copy and paste this hyperlink into your Internet browsers URL addr
STYLE="margin-top:0px;margin-bottom:0px"> ACE will host its first quarter 2005 earnings conference call and
27, 2005 beginning at 8:30 a.m. EDT. The earnings conference call will be available via live and archived webcast at www.acelimited.com or by dialing 888-889-5602 (within the United States) or 973-582-2734 (international)
Limited website in the Investor Information section under Calendar of Events for details. A replay of the call will be available from Wednesday, April 27, 2005 until Friday, May 27, 2005. To listen to the replay dial 877States) or 973-341-3080 (international); passcode 5826870. <FONT FACE="Times New Roman"
Companies is a global leader in insurance and reinsurance serving a diverse group of clients. Headed by ACE Limited, a component of the Standard & Poors 500 stock index, the ACE Group conducts its business on a
operating subsidiaries in more than 50 countries. Additional information can be found at: www.acelimited.com. 
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1<
SIZE="2" COLOR="#000000"></TD>
<TD ALIGN="left" VALIGN="top">Non-GAAP Financial Measures: </TD></TR></TABLE> Operating Income or Income excluding net realized gains (losses) and the tax effect of ne
a common performance measurement. We believe this presentation enhances the understanding of our results of operations by highlighting the underlying profitability of our insurance business. We exclude net realized gains
of these gains (losses) is heavily influenced by, and fluctuates in part according to, the availability of market opportunities. Underwriting income is calculated by subtracting losses and loss expenses, life and annuity benefits, policy acquisition costs and administrative expenses from net premiums earned. We use underwriting inco
monitor the results of our operations without the impact of certain factors, including net investment income, other (income) expense, interest and income tax expense and net realized gains (losses). We believe the use of these measures enhances the understanding of our results
of operations by highlighting the underlying profitability of our insurance business. These measures should not
for net income determined in accordance with generally accepted accounting principles (GAAP). 
<TR>
<TD ALIGN="left" VALIGN="top">Calculated using income excluding net realized gains (losses). </TD></TR></TABLE>
<TR>
<TD ALIGN="left" VALIGN="top">Diluted book value per ordinary share is ordinary shareholders equity and net proceeds from a
outstanding in-the-money options divided by the sum of shares outstanding and the number of options assumed issued. </TD></TR></TABLE> 
STYLE="margin-top:0px;margin-bottom:0px">Cautionary Statement Regarding Forward-Looking Statements: Any forward-looking statements made in this press release reflect the Companys current views with respect to future events and financ
pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties, which may cause actual results to differ materially from those set forth in
example, the Companys forward-looking statements could be affected by competition, pricing and policy term trends, the levels of new and renewal business achieved, market acceptance, changes in demand, the frequency
catastrophic events, actual loss experience, uncertainties in the reserving or settlement process, new theories of liability, judicial, legislative and other governmental developments, litigation tactics, the amount and t
recoverable, credit developments among reinsurers, actual market developments, rating agency action, possible terrorism or the outbreak and effects of war and economic, political, regulatory, insurance and reinsurance bus
managements response to these factors, and other factors identified in the Companys filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looki
only as of the dates on which they are made. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. (tables to follow) ACE Limited Summary Consolidated Balance Sheets (in millions of U.S. dollars, exce
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<TD VALIGN="bottom" COLSPAN="2" ALIGN="center">March 31 2005 <HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center">December 31 2004 <HR SIZE="1" NOSHADE COLOR="#000000"></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center">(Unaudited)</TD>
<TD COLSPAN="2" VALIGN="bottom"> </TD></TR>
<TD VALIGN="top"> Assets</TD>
<TR>
<TD VALIGN="top"> Total investments</TD>
<TD VALIGN="bottom" ALIGN="right">27,406</TD>
<TD VALIGN="bottom" ALIGN="right">26,650</TD></TR>
<TD VALIGN="top"> Cash</TD>
<TD VALIGN="bottom" ALIGN="right">534</TD></TR>
<TR>
<TD VALIGN="top"> Insurance and reinsurance balances receivable</TD>
<TD VALIGN="top"> Reinsurance recoverable</TD>
<TR>
<TD VALIGN="top"> Other assets</TD>
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<TD VALIGN="bottom"><HR SIZE="1" NOSHADE ALIGN="right" COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#000000"></TD></TR>
<TD VALIGN="top"> Total assets</TD>
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<TD VALIGN="top"> Liabilities</TD>
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<TD VALIGN="top"> Unpaid losses and loss expenses</TD>
<TD VALIGN="top"> Unearned premiums</TD>
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<TD VALIGN="top"> Other liabilities</TD>
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<TD VALIGN="top"> Total liabilities</TD>
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<TD VALIGN="top"> Shareholders equity</TD>
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<TD VALIGN="top"> Total shareholders equity</TD>
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<TD VALIGN="top"> Total liabilities and shareholders equity</TD>
<TR>
<TD VALIGN="top"> Diluted book value per ordinary share (3)</FON
FACE="Times New Roman" SIZE="2" COLOR="#000000"></TD>
<TD VALIGN="bottom" ALIGN="right">32.48</TD></TR>
</TABLE> 
FACE="Times New Roman" SIZE="2">Summary Consolidated Financial Data (in millions of U.S. dollars, exce
and ratios) (Unaudited) 
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<TD VALIGN="bottom" COLSPAN="6" ALIGN="center">Three Months Ended March 31 <HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TR>
<TD VALIGN="top"> Gross premiums written</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
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<TD VALIGN="top"> Net premiums written</TD>
<TD VALIGN="top"> Net premiums earned</TD>
<TR>
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<TD VALIGN="top"> Losses and loss expenses</TD>
<TD VALIGN="top"> Life and annuity benefits</TD>
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<TD VALIGN="top"> Policy acquisition costs</TD>
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<TD VALIGN="top"> 
<TD VALIGN="bottom"><HR WIDTH="0" SIZE="1" NOSHADE ALIGN="left" COLOR="#ffffff"></TD>
<TD VALIGN="bottom"><HR WIDTH="0" SIZE="1" NOSHADE ALIGN="left" COLOR="#ffffff"></TD></TR>
COLOR="#000000"></TD>
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<TD NOWRAP VALIGN="bottom">)</TD></TR>
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Roman" SIZE="2">Administrative expenses</TD>
Roman" SIZE="2">Underwriting income (1)Net investment income</TD>
Roman" SIZE="2">Net realized gains (losses)</TD>
Roman" SIZE="2">Interest expense</TD>
Roman" SIZE="2">Other (income) expense</TD>
Roman" SIZE="2">Income tax expense</TD>
Roman" SIZE="2">Net income</TD>
Roman" SIZE="2">Preference shares dividend</TD>
Roman" SIZE="2">Net income available to holders of ordinary shares</TD>
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<TD VALIGN="top">Diluted earnings per share:</TD>
<TR>
<TD VALIGN="top"> Income excluding net realized gains (losses) (1)
FACE="Times New Roman" SIZE="2" COLOR="#000000"></TD>
<TR>
<TR>
<TD VALIGN="top"> Weighted average diluted shares outstanding</TD>
<TD VALIGN="bottom" ALIGN="right">287,565,370</TD>
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<TD VALIGN="top"> Loss and loss expense ratio</TD>
<TD NOWRAP VALIGN="bottom">%</TD>
<TD NOWRAP VALIGN="bottom">%</TD></TR>
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<TD VALIGN="top"> Policy acquisition cost ratio</TD>
<TD VALIGN="top"> Administrative expense ratio</TD>
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<TD VALIGN="top"> Combined ratio</TD>
</TABLE> Ratios exclude life
reinsurance business 
FACE="Times New Roman" SIZE="2">Consolidated Supplemental Segment Information (in millions of U.S. dol
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center">(Unaudited) 
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<TD VALIGN="bottom" COLSPAN="6" ALIGN="center">Three Months Ended March 31 <HR SIZE="1" NOSHADE COLOR="#000000"></TD>
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<TD VALIGN="top"> Gross Premiums Written</TD>
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<TD VALIGN="top"> Insurance - North American</TD>
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Roman" SIZE="2">Insurance - Overseas General</TD>
Roman" SIZE="2">Global Reinsurance*</TD>
Roman" SIZE="2">Financial Services</TD>
Roman" SIZE="2">Total</TD>
Roman" SIZE="2">Net Premiums Written</TD>
Roman" SIZE="2">Insurance - North American</TD>
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FACE="Times New Roman" SIZE="2" COLOR="#000000"></TD>
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Roman" SIZE="2">Net Premiums Earned</TD>
Roman" SIZE="2">Income (Loss) Excluding Net Realized Gains (Losses)Corporate</TD>
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<TR>
<TD VALIGN="top"> Total</TD>
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</TABLE><HR WIDTH="8%" SIZE="1" NOSHADE COLOR="#000000" ALIGN="left">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">*</TD>
<TD ALIGN="left" VALIGN="top">Includes both property and casualty reinsurance and life reinsurance </TD></TR></TABLE> # # # 
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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>dex992.htm
<DESCRIPTION>FIRST QUARTER 2005 FINANCIAL SUPPLEMENT
<TEXT>
<HTML><HEAD>
<TITLE>First Quarter 2005 Financial Supplement</TITLE>
</HEAD>
Exhibit 99.2 
<IMG SRC="g73753ex99_2acelimited.jpg" ALT="LOGO"> 
<TR>
<TR>
<TD VALIGN="top">Investor Contact</TD>
<TD VALIGN="bottom">This report is for informational purposes only. It should be read in conjuction with documents filed by ACE Limited with the Securities and Exchange Commission, in
Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.</TD></TR>
<TR>
<TD VALIGN="top">Helen M. Wilson</TD>
<TR>
<TD VALIGN="top">Phone: (441) 299-9283</TD>
<TR>
<TD VALIGN="top">Fax: (441) 292-8675</TD>
<TR>
<TD VALIGN="top" NOWRAP>email: investorrelations@ace.bm</TD>
<TD VALIGN="bottom">Cautionary Statement Regarding Forward-Looking Statements:</TD></TR>
<TR>
<TR>
<TD ROWSPAN="2" VALIGN="top"> </TD>
<TD VALIGN="bottom" ROWSPAN="2">Any forward-looking statements made in this financial supplement reflect the Companys current views with respect to future events and financial p
pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties which may cause actual results to differ materially from those set forth in t
example, the Companys forward-looking statements, such as statements concerning exposures, reserves and recoverables, could be affected by the frequency of unpredictable catastrophic events, actual loss experience,
reserving or settlement process, new theories of liability, judicial, legislative and other governmental developments, litigation tactics, the amount and timing of reinsurance receivable and credit developments among rein
forward-looking statements could also be affected by competition, pricing and policy term trends, the levels of new and renewal business achieved, market acceptance, changes in demand, actual market developments, rating a
terrorism or the outbreak and effects of war and economic, political, regulatory, insurance and reinsurance business conditions, as well as managements response to these factors. Other factors that could affect forw
identified in the Companys filings with the Securities and Exchange Commission, including the Companys Annual Report on Form 10-K for the year ended December 31, 2004, the Companys quarterly reports on F
Companys earnings press release, which are available on the Companys website.</TD></TR>
<TR>
<TR>
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<TD VALIGN="bottom">Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates on which they are made. The Company underta
publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.</TD></TR>
</TABLE>
<TR>
<TR>
<TD VALIGN="top">
<IMG SRC="g73753ex99_2ace.jpg" ALT="LOGO"></TD>

<TD VALIGN="top" NOWRAP> ACE Limited Financial Supplement Table of Contents</TD>
<TD VALIGN="top"> </TD></TR>
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<TD></TD></TR>
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<TD VALIGN="bottom" ALIGN="center">Page <HR SIZE="1" NOSHADE COLOR="#000000"></TD></TR>
<TR>
<TD VALIGN="top"> I.</TD>
<TD VALIGN="bottom"> Financial Highlights</TD>
<TR>
<TD VALIGN="bottom"> - Consolidated Financial Highlights</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">1</TD></TR>
<TR>
<TR>
<TD VALIGN="top"> II.</TD>
<TD VALIGN="bottom"> Consolidated Results</TD>
<TR>
<TD VALIGN="bottom"> - Consolidated Results - Consecutive Quarters</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">2-3</TD></TR>
<TR>
<TD VALIGN="bottom"> - Summary Consolidated Balance Sheets</TD>
<TR>
<TD VALIGN="bottom"> - Consolidated Premiums by Line of Business</TD>
<TR>
<TD VALIGN="bottom"> - Consolidating Statement of Operations</TD>
<TR>
<TR>
<TD VALIGN="top"> III.</TD>
<TD VALIGN="bottom"> Segment Results</TD>
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<TD VALIGN="bottom"> - Insurance-North American</TD>
<TR>
<TD VALIGN="bottom"> - Insurance-Overseas General</TD>
<TR>
<TD VALIGN="bottom"> - Global Reinsurance</TD>
<TR>
<TD VALIGN="bottom"> - Financial Services</TD>
<TR>
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<TD VALIGN="top"> IV.</TD>
<TD VALIGN="bottom"> Balance Sheet Details</TD>
<TR>
<TD VALIGN="bottom"> - Loss Reserve Rollforward</TD>
<TR>
<TD VALIGN="bottom"> - Reinsurance Recoverable Analysis</TD>
<TR>
<TD VALIGN="bottom"> - Investment Portfolio</TD>
<TR>
<TD VALIGN="bottom"> - Realized and Unrealized Gains (Losses)</TD>
<TR>
<TD VALIGN="bottom"> - Capital Structure</TD>
<TR>
<TD VALIGN="bottom"> - Computation of Basic and Diluted Earnings Per Share</TD>
<TR>
<TR>
<TD VALIGN="top"> V.</TD>
<TD VALIGN="bottom"> Other Disclosures</TD>
<TR>
<TD VALIGN="bottom"> - Non-GAAP Financial Measures</TD>
<TR>
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<TD VALIGN="bottom"> - Diluted Book Value per Ordinary Share</TD>
<TR>
<TD VALIGN="bottom"> - Comprehensive Income</TD>
<TR>
<TD VALIGN="bottom"> - Glossary</TD>
</TABLE>
<TR>
<TR>
<TD VALIGN="top">

STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center">Consolidated Financial Highlights &n
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center">(in millions of U.S. dollars, except share, per share data and ratios) (Unaudited)</TD>
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<TD VALIGN="bottom" ROWSPAN="3" ALIGN="center"> % Change 1Q-05 vs. 1Q-04<HR SIZE="1" NOSHADE COLOR="#000000"></TD
<TD VALIGN="bottom" ROWSPAN="3"> </TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center">Three months ended March 31 <HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TR>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom">3</TD>
<TR>
<TR>
<TD VALIGN="top"> Net investment income</TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom">-3</TD>
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<TR>
<TD VALIGN="top"> Income excluding net realized gains (losses)(1)<
<TD VALIGN="top"> Comprehensive income</TD>
<TR>
<TD VALIGN="top"> Operating cash flow</TD>
<TR>
<TD VALIGN="top"> Combined ratio</TD>
<TR>
<TD VALIGN="top"> Underwriting and administrative expense ratio</TD>
<TR>
<TR>
<TR>
<TD VALIGN="top"> Annualized ROE*</TD>
<TD VALIGN="top"> Annualized ROE, excluding FAS 115*</TD>
<TR>
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<TR>
<TD VALIGN="top"> Diluted earnings per share</TD>
<TR>
<TR>
<TD VALIGN="top"> Diluted book value per ordinary share</TD>
<TR>
<TD VALIGN="top"> Diluted tangible book value per ordinary share</TD>
<TR>
<TD VALIGN="top"> Weighted average diluted ordinary shares outstanding</TD>
<TR>
<TR>
<TD VALIGN="top"> Debt/ total capitalization</TD>
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top">See page 21 Non-GAAP Financial Measures. </TD></TR></TABLE>
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"> *</TD>
<TD ALIGN="left" VALIGN="top">Calculated using income excluding net realized gains (losses). </TD></TR></TABLE> &nbsp
<TR>
<TR>
<TD VALIGN="top"> Financial Highlights</TD>
<TD VALIGN="top" ALIGN="right">Page 1</TD></TR>
</TABLE>
<TR>
<TR>
<TD VALIGN="top">
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STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center">Consolidated Results - Consecutive Quarters (in millions of U.S. dollars) &nbsp
STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center">(Unaudited)</TD>
</TABLE> ACE Limited Consolidated
 
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<TD VALIGN="bottom" COLSPAN="2" ALIGN="center">1Q-05 <HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center">Full Year 2004 <HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="top"> Property and Casualty(1)</TD>
<TR>
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<TR>
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Roman" SIZE="2">Losses and loss expenses</TD>
Roman" SIZE="2">Policy acquisition costs</TD>
Roman" SIZE="2">P& C underwriting income (loss)</TD>
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<TR>
<TD VALIGN="top"> Financial Services underwriting income (loss)</TD>
<TD VALIGN="top"> Life underwriting income (loss) excluding investment income</TD>
<TR>
<TD VALIGN="top"> Net realized gains (losses)</TD>
<TR>
<TD VALIGN="top"> Interest expense</TD>
<TD VALIGN="top"> Other (income) expense</TD>
<TD VALIGN="bottom" ALIGN="right"> </TD>
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<TR>
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Roman" SIZE="2">Income tax expense (benefit)</TD>
Roman" SIZE="2">Net income (loss)</TD>
Roman" SIZE="2">Tax expense on net realized gains (losses)</TD>
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Roman" SIZE="2">Income excluding net realized gains (losses)(2)<
Roman" SIZE="2">% Change versus prior year period(1)<FO
Roman" SIZE="2">Net premiums written</TD>
Roman" SIZE="2">Net premiums earned</TD>
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<TR>
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<TD VALIGN="bottom" ALIGN="right">-32</TD>
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Roman" SIZE="2">Other ratios</TD>
Roman" SIZE="2">Net premiums written/gross premiums written</TD>
Roman" SIZE="2">Effective tax rate on income excluding net realized gains (losses)</TD>
Roman" SIZE="2">ROE</TD>
Roman" SIZE="2">Annualized ROE*</TD>
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<TD VALIGN="top"> Annualized ROE, excluding FAS 115*</TD>
<TR>
<TD ALIGN="left" VALIGN="top">Property and casualty excluding financial services is presented to allow for comparison and analysis with earnings guidance. </TD></TR></T
<TR>
<TD ALIGN="left" VALIGN="top">See page 21 Non-GAAP Financial Measures. </TD></TR></TABLE>
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"> *</TD>
<TD ALIGN="left" VALIGN="top">Calculated using income excluding net realized gains (losses). </TD></TR></TABLE> 
<TR>
<TD VALIGN="top"> Consolidated Results</TD>
</TABLE>
<TR>
<TR>
<TD VALIGN="top">

STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center">Consolidated Results - Consecutive Quarters (in millions of U.S. dollars) 
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Roman" SIZE="2">Loss and loss expense ratio</TD>
Roman" SIZE="2">Policy acquisition cost ratio</TD>
Roman" SIZE="2">Administrative expense ratio</TD>
Roman" SIZE="2">Combined ratio</TD>
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<TR>
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<TD VALIGN="top"> Property and Casualty (1)</TD>
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<TR>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">12.8</TD>
<TD NOWRAP VALIGN="bottom">%(2)</TD>
<TR>
<TR>
<TD VALIGN="top"> Large losses and other items</TD>
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<TR>
<TD VALIGN="top"> Asbestos, environmental and other run-off losses</TD>
<TD VALIGN="top"> Catastrophe and other large losses</TD>
<TR>
<TD VALIGN="top"> Prior period development(3)</TD>
<TR>
<TD ALIGN="left" VALIGN="top">Property and casualty excluding financial services is presented to allow for comparison and analysis with earnings guidance. </TD></TR></TABLE>
<TR>
<TD ALIGN="left" VALIGN="top">Includes $30M of legal expenses related to the investigations. </TD></TR></TABLE>
<TR>
<TD ALIGN="left" VALIGN="top">See Financial Services schedule for prior period development related to that segment. </TD></TR></TABLE> 
<TR>
<TD VALIGN="top"> Consolidated Results 2</TD>
</TABLE>
<TR>
<TR>
<TD VALIGN="top">

<TD VALIGN="bottom" NOWRAP> ACE Limited Summary Consolidated Balance Sheets 
STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center">(in millions of U.S. dollars, except per share data)</TD>
<TR>
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<TD VALIGN="bottom" COLSPAN="2" ALIGN="center">December 31 2004 <HR SIZE="1" NOSHADE COLOR="#000000"></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center">(Unaudited)</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center">(Audited)</TD></TR>
<TD VALIGN="top"> Assets</TD>
<TR>
<TD VALIGN="top"> Fixed maturities available for sale, at fair value</TD>
<TD VALIGN="top"> Fixed maturities held to maturity, at amortized cost</TD>
<TD VALIGN="bottom" ALIGN="right"> </TD></TR>
<TR>
<TD VALIGN="top"> Equity securities, at fair value</TD>
<TD VALIGN="top"> Short-term investments</TD>
<TR>
<TD VALIGN="top"> Other investments</TD>
<TR>
<TD VALIGN="top"> Total investments</TD>
<TR>
<TR>
<TD VALIGN="top"> Cash</TD>
<TD VALIGN="top"> Securities lending collateral</TD>
<TR>
<TD VALIGN="top"> Insurance and reinsurance balances receivable</TD>
<TD VALIGN="top"> Reinsurance recoverable</TD>
<TR>
<TD VALIGN="top"> Deferred policy acquisition costs</TD>
<TD VALIGN="top"> Prepaid reinsurance premiums</TD>
<TR>
<TD VALIGN="top"> Goodwill</TD>
<TD VALIGN="top"> Deferred tax assets</TD>
<TR>
<TD VALIGN="top"> Investments in partially owned insurance companies</TD>
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<TD VALIGN="top"> 
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SIZE="2">Other assets</TD>
SIZE="2">Total assets</TD>
SIZE="2">Liabilities</TD>
SIZE="2">Unpaid losses and loss expenses</TD>
SIZE="2">Unearned premiums</TD>
SIZE="2">Future policy benefits for life and annuity contracts</TD>
SIZE="2">Insurance and reinsurance balances payable</TD>
SIZE="2">Deposit liabilities</TD>
SIZE="2">Securities lending payable</TD>
SIZE="2">Payable for investments purchased</TD>
SIZE="2">Accounts payable, accrued expenses and other liabilities</TD>
SIZE="2">Short-term debt</TD>
SIZE="2">Long-term debt</TD>
SIZE="2">Trust preferred securities</TD>
SIZE="2">Total liabilities</TD>
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<TR>
<TR>
<TD VALIGN="top"> Shareholders equity</TD>
<TD VALIGN="top"> Total shareholders equity, excl. AOCI</TD>
<TR>
<TD VALIGN="top"> Accumulated other comprehensive income (AOCI)</TD>
<TR>
<TD VALIGN="top"> Total shareholders equity</TD>
<TR>
<TD VALIGN="top"> Total liabilities and shareholders equity</TD>
<TR>
<TD VALIGN="top"> Diluted book value per ordinary share (1)</FON
<TR>
<TD VALIGN="top"> Diluted tangible book value per ordinary share (1)</
<TR>
<TD ALIGN="left" VALIGN="top">See page 21 Non-GAAP Financial Measures. </TD></TR></TABLE> 
<TR>
<TR>
<TD VALIGN="top"> Consol Bal Sheet</TD>
</TABLE>
<TR>
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<TD VALIGN="top">

STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center">Consolidated Premiums by Line of Business 
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<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center">1Q-05 <HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> % of Total Consolidated<HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> % of Total Consolidated<HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> % Change 1Q-05 vs. 1Q-04<HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="top"> Net premiums written</TD>
<TR>
<TD VALIGN="top"> Property and all other</TD>
<TD VALIGN="top"> Casualty</TD>
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<TD VALIGN="top"> Personal accident</TD>
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<TD VALIGN="top"> Total P&C</TD>
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<TD VALIGN="top"> Global Re - life</TD>
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<TD VALIGN="top"> Financial Services</TD>
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<TD VALIGN="top"> Total Consolidated</TD>
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<TD VALIGN="top"> Net premiums earned</TD>
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<TD VALIGN="top"> Property and all other</TD>
<TD VALIGN="top"> Casualty</TD>
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<TD VALIGN="top"> Personal accident</TD>
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<TD VALIGN="top"> Total P&C</TD>
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<TD VALIGN="top"> Global Re - life</TD>
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<TD VALIGN="top"> Total Consolidated</TD>
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<TD VALIGN="top"> Line of Business</TD>
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</TABLE>
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<TD VALIGN="bottom" NOWRAP> ACE Limited Consolidating Statement of Operations Three months ended March 31, 2005 and 2004 
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<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center"> Insurance - North American<HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center">Insurance - Overseas General <HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center">Global Reinsurance <HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center">Corporate & Other <HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center">Consolidated P&C <HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center">Financial Services <HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center">ACE Consolidated <HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="top"> March 31, 2005</TD>
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<TD VALIGN="top"> Administrative expenses</TD>
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<TD VALIGN="top"> Underwriting income (loss)</TD>
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<TD VALIGN="top"> Life underwriting income (includes investment income)</TD>
<TD VALIGN="top"> Net investment income - property and casualty</TD>
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<TR>
<TD VALIGN="top"> Income tax expense (benefit)</TD>
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<TD VALIGN="top"> Net income (loss)</TD>
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<TR>
<TD VALIGN="top"> Tax expense (benefit) on net realized gains (losses)</TD>
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<TD VALIGN="top"> Income (loss) excluding net realized gains (losses) <
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<TD VALIGN="top"> March 31, 2004</TD>
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<TD VALIGN="top"> Life underwriting income (includes investment income)</TD>
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<TD VALIGN="top"> Tax expense (benefit) on net realized gains (losses)</TD>
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<TD VALIGN="top"> Income (loss) excluding net realized gains (losses) <
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<TD VALIGN="top"> Segment 2005 Qtr</TD>
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<TD VALIGN="top">

STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center">Segment Results - Consecutive Quarters Insurance - North American
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<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"> Full Year 2004<HR SIZE="1" NOSHADE COLOR="#000000"></TD>
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Roman" SIZE="2">Underwriting income (loss)</TD>
Roman" SIZE="2">Interest expense</TD>
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Roman" SIZE="2">Tax expense on net realized gains (losses)</TD>
Roman" SIZE="2">Income excluding net realized gains (losses) (1)
Roman" SIZE="2">Combined ratio</TD>
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<TD VALIGN="top"> Large losses and other items (before tax)</TD>
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<TD VALIGN="top"> Catastrophe losses (before tax)</TD>
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<TD VALIGN="top"> Prior period development</TD>
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<TD VALIGN="top"> % Change versus prior year period</TD>
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<TD VALIGN="top"> Other ratios</TD>
<TD VALIGN="top"> Net premiums written/gross premiums written</TD>
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<TD VALIGN="top"> Insurance-North American</TD>
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</TABLE> Insurance - Overseas General
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Roman" SIZE="2">Underwriting income</TD>
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<TD VALIGN="top"> Income tax expense</TD>
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<TD VALIGN="top"> Tax expense on net realized gains (losses)</TD>
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<TD VALIGN="top"> Income excluding net realized gains (losses) (1)
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Roman" SIZE="2">Combined ratio</TD>
Roman" SIZE="2">Policy acquisition cost ratio</TD>
Roman" SIZE="2">Administrative expense ratio</TD>
Roman" SIZE="2">Combined ratio</TD>
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<TR>
<TD VALIGN="top"> Large losses and other items</TD>
<TR>
<TD VALIGN="top"> Large losses (before tax)</TD>
<TR>
<TR>
55 of 126
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<TD VALIGN="top"> % Change versus prior year period</TD>
<TR>
<TR>
<TR>
<TD VALIGN="top"> Other ratios</TD>
<TR>
<TR>
56 of 126
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<TR>
<TD VALIGN="top"> Insurance-Overseas General</TD>
</TABLE>
<TR>
<TR>
<TD VALIGN="top">

</TABLE> Global Reinsurance
<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="top">Property and casualty</TD>
<TR>
57 of 126
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<TR>
<TR>
<TR>
58 of 126
Roman" SIZE="2">P&C underwriting income (loss)</TD>
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<TR>
<TR>
<TD VALIGN="top">Life</TD>
<TR>
<TR>
59 of 126
Roman" SIZE="2">Gross premiums written</TD>
Roman" SIZE="2">Net premiums written</TD>
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<TR>
<TR>
<TR>
60 of 126
Roman" SIZE="2">Life underwriting income</TD>
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<TR>
<TD VALIGN="top"> Total underwriting income (loss)</TD>
<TR>
<TR>
61 of 126
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<TR>
<TR>
<TR>
<TR>
62 of 126
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<TR>
<TD VALIGN="top">P&C combined ratio</TD>
<TR>
<TR>
63 of 126
SIZE="2">Income (loss) excluding net realized gains (losses) <
SIZE="2">Loss and loss expense ratio</TD>
SIZE="2">Policy acquisition cost ratio</TD>
SIZE="2">Administrative expense ratio</TD>
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<TR>
<TD VALIGN="top"> P&C combined ratio</TD>
<TR>
<TD VALIGN="top">Large losses and other items</TD>
<TR>
64 of 126
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<TR>
<TR>
<TR>
<TD VALIGN="top"> Global Reinsurance</TD>
</TABLE>
<TR>
<TR>
<TD VALIGN="top">

STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center">Segment Results - Consecutive Quarters - 2 Global Reinsurance - Property
& Casualty 
<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="top">% Change versus prior year period</TD>
<TR>
65 of 126
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<TR>
<TR>
<TD VALIGN="top">Other ratios</TD>
<TR>
<TR>
<TD VALIGN="top">Global Reinsurance - By Division</TD>
<TR>
66 of 126
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<TD VALIGN="top">Gross premiums written</TD>
<TR>
<TR>
<TR>
67 of 126
SIZE="2">Tempest Europe</TD>
SIZE="2">Tempest USA</TD>
SIZE="2">Tempest Bermuda</TD>
SIZE="2">Total</TD>
8/12/11 4:20 PM

<TR>
<TD VALIGN="top">Net premiums written</TD>
<TR>
<TD VALIGN="top"> Tempest Europe</TD>
<TD VALIGN="top"> Tempest USA</TD>
<TR>
<TD VALIGN="top"> Tempest Bermuda</TD>
<TR>
68 of 126
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<TD VALIGN="top"> Total</TD>
<TR>
<TD VALIGN="top">Net premiums earned</TD>
<TR>
69 of 126
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<TR>
<TR>
<TR>
<TD VALIGN="top">Net premiums written/gross premiums written</TD>
<TR>
70 of 126
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<TR>
<TR>
<TD VALIGN="top"> Total NPW/GPW</TD>
<TR>
<TR>
71 of 126
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<TR>
<TD VALIGN="top"> Global Reinsurance 2</TD>
</TABLE>
<TR>
<TR>
<TD VALIGN="top">

</TABLE> Financial Services
<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TR>
72 of 126
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<TR>
<TR>
<TR>
<TR>
73 of 126
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<TR>
<TR>
<TR>
<TD VALIGN="top"> Income tax expense</TD>
<TR>
74 of 126
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<TR>
<TR>
<TR>
75 of 126
Roman" SIZE="2">Net income</TD>
Roman" SIZE="2">Tax expense (benefit) on net realized gains (losses)</TD>
Roman" SIZE="2">Income excluding net realized gains (losses) (1)
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<TR>
<TD VALIGN="top">Combined ratio</TD>
<TR>
<TD VALIGN="bottom" ALIGN="right">-0.1</TD>
<TR>
<TR>
76 of 126
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<TR>
<TD VALIGN="top">Large losses and other items</TD>
<TR>
<TD VALIGN="top"> Loss portfolio transfers(2)</TD>
<TR>
77 of 126
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<TD VALIGN="top"> Prior period
<TR>
<TD VALIGN="top">% Change versus prior year period</TD>
<TR>
<TD VALIGN="top"> Net premiums
<TR>
<TR>
<TD VALIGN="top">Other ratios</TD>
78 of 126
development</TD>
written</TD>
earned</TD>
written/gross premiums written</TD>
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<TR>
<TD ALIGN="left" VALIGN="top">See page 21 Non-GAAP Financial Measures. </TD></TR></TABLE>
<TR>
<TD ALIGN="left" VALIGN="top">Total premiums typically included in gross premiums written, net premiums written, and net premiums earned in the quarter it is written; usually accrued
</TD></TR></TABLE> 
<TR>
<TR>
</TABLE>
<TR>
<TR>
<TD VALIGN="top">

<TD VALIGN="top"> ACE Limited &nb
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center">Loss Reserve Rollforward </FON
<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center">Total <HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center">Ongoing <HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center">Run-off (1) <HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TR>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center">Unpaid Losses <HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TR>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center">Gross <HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center">Ceded <HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center">Net <HR SIZE="1" NOSHADE COLOR="#000000"></TD>
79 of 126
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<TD VALIGN="top"> Balance at December 31, 2003</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">27,155</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR>
<TD VALIGN="top"> Losses and loss expenses incurred</TD>
<TD VALIGN="top"> Losses and loss expenses paid</TD>
<TD VALIGN="bottom" ALIGN="right">(1,873</TD>
<TR>
<TD VALIGN="top"> Other (incl. foreign exch. revaluation)</TD>
80 of 126
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<TR>
<TD VALIGN="top"> Balance at March 31, 2004</TD>
<TD VALIGN="bottom"> </TD>
<TR>
<TR>
81 of 126
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<TR>
<TR>
<TD VALIGN="top"> Balance at June 30, 2004</TD>
82 of 126
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<TR>
<TR>
<TR>
<TR>
83 of 126
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<TR>
<TR>
<TR>
84 of 126
SIZE="2">Balance at September 30, 2004</TD>
SIZE="2">Losses and loss expenses incurred</TD>
SIZE="2">Losses and loss expenses paid</TD>
SIZE="2">Other (incl. foreign exch. revaluation)</TD>
8/12/11 4:20 PM

<TR>
<TD VALIGN="top"> Balance at December 31, 2004</TD>
<TR>
<TR>
85 of 126
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<TR>
<TD VALIGN="top"> Other (incl. foreign exch. revaluation) (2)
<TD VALIGN="top"> Balance at March 31, 2005</TD>
86 of 126
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<TR>
<TR>
<TD ALIGN="left" VALIGN="top">The run-off reserves primarily include Brandywine group, the Commercial Insurance Service - Middle Market Workers Comp. reserves and the pre-1997 W
reserves. </TD></TR></TABLE>
<TR>
<TD ALIGN="left" VALIGN="top">Novation of a contract for $597M. </TD></TR></TABLE> 
<TR>
<TR>
<TD VALIGN="top"> Loss Reserve Rollforward</TD>
</TABLE>
<TR>
<TR>
<TD VALIGN="top">

STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center">Reinsurance Recoverable Analysis &nb
</TABLE> Net Reinsurance Recoverable by
Division 
<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TR>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"> December 31 Reinsurance recoverable on paid losses & loss expenses</TD>
<TR>
<TD VALIGN="top"> Active operations</TD>
87 of 126
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<TR>
<TR>
<TR>
<TR>
<TR>
<TR>
<TR>
<TR>
88 of 126
Roman" SIZE="2">Brandywine</TD>
Roman" SIZE="2">Westchester</TD>
Roman" SIZE="2">Total</TD>
Roman" SIZE="2">Reinsurance recoverable on unpaid losses & loss expenses</TD>
Roman" SIZE="2">Active operations</TD>
Roman" SIZE="2">Gross reinsurance recoverable</TD>
8/12/11 4:20 PM

<TR>
<TR>
<TR>
<TR>
<TR>
<TR>
<TR>
<TR>
89 of 126
Roman" SIZE="2">Bad debt reserve</TD>
Roman" SIZE="2">Net reinsurance recoverable</TD>
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<TR>
<TD VALIGN="top"> Westchester</TD>
<TR>
<TR>
<TR>
<TR>
<TD VALIGN="top"> Reinsurance Recoverable</TD>
</TABLE>
<TR>
<TR>
<TD VALIGN="top">

</TABLE> Reinsurance Recoverable for
Active Operations 
<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="7" ALIGN="center">December 31, 2004 <HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TR>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center">Recoverable <HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center">Bad Debt <HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" ALIGN="center">% of Gross <HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="top"> Categories</TD>
<TR>
<TD VALIGN="top"> Top 10 reinsurers</TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom">1.9</TD>
<TD VALIGN="top"> Other reinsurers balances >$20 million</TD>
<TR>
<TD VALIGN="top"> Other reinsurers balances <$20 million</TD>
90 of 126
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<TD VALIGN="top"> Mandatory pools and government agencies</TD>
<TR>
<TD VALIGN="top"> Structured settlements</TD>
<TD VALIGN="top"> Captives</TD>
<TR>
<TD VALIGN="top"> Other(1)</TD>
<TR>
<TD VALIGN="top"> Total</TD>
<TD VALIGN="bottom" ALIGN="right">547</TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom">5.3</TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom">%</TD></TR>
<TR>
</TABLE> At December 31, 2004, $7.3 billion of
the active operations recoverables were from rated reinsurers, of which 85.7% were rated the equivalent of A- or better by internationally recognized rating agencies. The Company held collateral of $2.9 billion, of
matched and usable against existing recoverables. 
<TR>
<TR>
<TD VALIGN="bottom"> Top 10 Reinsurers (net of collateral) (2)<HR WIDTH="276" SIZE="1" NOSHADE ALIGN="left" CO
<TD VALIGN="bottom" COLSPAN="3"> Other Reinsurers Balances Greater Than $20 million (net of collateral) (2)<HR WIDTH="511
ALIGN="left" COLOR="#000000"></TD></TR>
<TR>
<TD VALIGN="top">American International Group (including Transatlantic</TD>
<TD VALIGN="top">AGRI General Ins Co</TD>
<TD VALIGN="top">Independence Blue Cross (Amerihealth)</TD></TR>
<TR>
<TD VALIGN="top"> Reinsurance Company)</TD>
<TD VALIGN="top">AIOI Insurance</TD>
<TD VALIGN="top">ING - Internationale Nederlanden GRP</TD></TR>
<TR>
<TD VALIGN="top">Berkshire Hathaway Insurance Group</TD>
<TD VALIGN="top">Allianz</TD>
<TD VALIGN="top">IRB - Brasil Reaseguros S.A.</TD></TR>
<TR>
<TD VALIGN="top">CIGNA (3)</TD>
<TD VALIGN="top">Arch Capital</TD>
<TD VALIGN="top">Liberty Mutual Insurance Companies</TD></TR>
<TR>
<TD VALIGN="top">Electric Insurance Company</TD>
<TD VALIGN="top">Aspen Insurance Holdings Ltd</TD>
<TD VALIGN="top">Overseas Partners Ltd</TD></TR>
<TR>
<TD VALIGN="top">GE Insurance Solutions</TD>
<TD VALIGN="top">AVIVA</TD>
<TD VALIGN="top">Partner Re</TD></TR>
<TR>
<TD VALIGN="top">HDI Haftpflichtverband Der Deutschen Industrie VAG</TD>
<TD VALIGN="top">AXA</TD>
<TD VALIGN="top">Platinum Underwriters</TD></TR>
<TR>
<TD VALIGN="top">Lloyds of London</TD>
<TD VALIGN="top">Chubb Insurance Group</TD>
<TD VALIGN="top">QBE Insurance</TD></TR>
91 of 126
8/12/11 4:20 PM
<TR>
<TD VALIGN="top">Munich Re</TD>
<TD VALIGN="top">CNA Insurance Companies</TD>
<TD VALIGN="top">Renaissance Re Holdings Ltd</TD></TR>
<TR>
<TD VALIGN="top">Swiss Re Group</TD>
<TD VALIGN="top">Converium Group</TD>
<TD VALIGN="top">Royal & Sun Alliance Insurance Group</TD></TR>
<TR>
<TD VALIGN="top">XL Capital Group</TD>
<TD VALIGN="top">DaimlerChrysler Insurance Company</TD>
<TD VALIGN="top">SCOR Group</TD></TR>
<TR>
<TD VALIGN="top">Endurance Specialty</TD>
<TD VALIGN="top">Sompo Japan</TD></TR>
<TR>
<TD VALIGN="top">Everest Re Group</TD>
<TD VALIGN="top">St. Paul Travelers Companies</TD></TR>
<TR>
<TD VALIGN="top">Fairfax Financial</TD>
<TD VALIGN="top">Toa Reinsurance Company</TD></TR>
<TR>
<TD VALIGN="top">Federal Crop Insurance Corp</TD>
<TD VALIGN="top">White Mountains Insurance Group</TD></TR>
<TR>
<TD VALIGN="top">FM Global Group</TD>
<TD VALIGN="top">WR Berkley Corp</TD></TR>
<TR>
<TD VALIGN="top">Gerling Group</TD>
<TD VALIGN="top">Zurich Financial Services Group</TD></TR>
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)Other includes amounts recoverable that are in dispute, or are from companies who are in supervision, rehabilitation or liquidation. Our
associated with Other considers the credit quality of the reinsurer, and whether we have received collateral or other credit protections such as parental guarantees. </TD></TR></TABLE>
<TR>
<TD ALIGN="left" VALIGN="top">Excludes recoverable amounts from companies who are in supervision, rehabilitation or liquidation, or are captive reinsurers, mandatory p
</TD></TR></TABLE>
<TR>
<TD ALIGN="left" VALIGN="top">Contract was novated in the first quarter of 2005. </TD></TR></TABLE> &
<TR>
<TR>
<TD VALIGN="top"> Reinsurance Rec-Active</TD>
</TABLE>
<TR>
<TR>
<TD VALIGN="top">

</TABLE> Consolidated Reinsurance
Recoverable 
<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TR>
<TD VALIGN="bottom" COLSPAN="7" ALIGN="center">December 31, 2004 <HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TR>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center">Recoverable <HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center">Bad Debt <HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" ALIGN="center">% of Gross <HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="top"> Categories</TD>
92 of 126
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<TR>
<TD VALIGN="top"> Top 10 reinsurers</TD>
<TD VALIGN="top"> Other reinsurers balances >$20 million</TD>
<TR>
<TD VALIGN="top"> Other reinsurers balances <$20 million</TD>
<TD VALIGN="top"> Mandatory pools and government agencies</TD>
<TR>
<TD VALIGN="top"> Structured settlements</TD>
<TD VALIGN="top"> Captives</TD>
<TR>
<TD VALIGN="top"> Other(1)</TD>
<TR>
<TD VALIGN="top"> Total</TD>
<TD VALIGN="bottom" ALIGN="right">928</TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom">5.7</TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom">%</TD></TR>
<TR>
</TABLE> At December 31, 2004, $11.8 billion of
consolidated recoverables were from rated reinsurers, of which 89% were rated the equivalent of A- or better by internationally recognized rating agencies. 
<TR>
<TR>
<TR>
<TD VALIGN="bottom"> Top 10 Reinsurers (net of collateral) (2)<HR WIDTH="276" SIZE="1" NOSHADE ALIGN="left" CO
<TD VALIGN="bottom" COLSPAN="3"> Other Reinsurers Balances Greater Than $20 million (net of collateral) (2)<HR
NOSHADE ALIGN="left" COLOR="#000000"></TD></TR>
<TR>
<TD VALIGN="top">Berkshire Hathaway Insurance Group</TD>
<TD VALIGN="top">AGRI General Ins Co</TD>
<TD VALIGN="top">Hartford Insurance Group</TD></TR>
<TR>
<TD VALIGN="top">CIGNA (3)</TD>
<TD VALIGN="top">AIOI Insurance</TD>
<TD VALIGN="top">Independence Blue Cross (Amerihealth)</TD></TR>
<TR>
<TD VALIGN="top">Electric Insurance Company</TD>
<TD VALIGN="top">Allianz</TD>
93 of 126
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<TD VALIGN="top">ING - Internationale Nederlanden GRP</TD></TR>
<TR>
<TD VALIGN="top">Equitas</TD>
<TD VALIGN="top">Allstate</TD>
<TD VALIGN="top">IRB - Brasil Reaseguros S.A.</TD></TR>
<TR>
<TD VALIGN="top">GE Insurance Solutions</TD>
<TD VALIGN="top">American International Group</TD>
<TD VALIGN="top">Kemper</TD></TR>
<TR>
<TD VALIGN="top">HDI Haftpflichtverband Der Deutschen Industrie VAG</TD>
<TD VALIGN="top">Arch Capital</TD>
<TD VALIGN="top">Koren Reinsurance Company</TD></TR>
<TR>
<TD VALIGN="top">Lloyds of London</TD>
<TD VALIGN="top">Aspen Insurance Holdings Ltd</TD>
<TD VALIGN="top">Liberty Mutual Insurance Companies</TD></TR>
<TR>
<TD VALIGN="top">Munich Re</TD>
<TD VALIGN="top">Assicurazioni Generali SPA</TD>
<TD VALIGN="top">Millea Holdings</TD></TR>
<TR>
<TD VALIGN="top">Swiss Re Group</TD>
<TD VALIGN="top">AVIVA</TD>
<TD VALIGN="top">Mitsui Sumitomo Insurance Company Ltd.</TD></TR>
<TR>
<TD VALIGN="top">XL Capital Group</TD>
<TD VALIGN="top">AXA</TD>
<TD VALIGN="top">Overseas Partners Ltd</TD></TR>
<TR>
<TD VALIGN="top">Chubb Insurance Group</TD>
<TD VALIGN="top">Partner Re</TD></TR>
<TR>
<TD VALIGN="top">CNA Insurance Companies</TD>
<TD VALIGN="top">Platinum Underwriters</TD></TR>
<TR>
<TD VALIGN="top">Converium Group</TD>
<TD VALIGN="top">QBE Insurance</TD></TR>
<TR>
<TD VALIGN="top">DaimlerChrysler Insurance Company</TD>
<TD VALIGN="top">Renaissance Re Holdings Ltd</TD></TR>
<TR>
<TD VALIGN="top">Dominion Ins. Co. Ltd</TD>
<TD VALIGN="top">Royal & Sun Alliance Insurance Group</TD></TR>
<TR>
<TD VALIGN="top">Dukes Place Holdings</TD>
<TD VALIGN="top">SCOR Group</TD></TR>
<TR>
<TD VALIGN="top">Endurance Specialty</TD>
<TD VALIGN="top">Sompo Japan</TD></TR>
<TR>
<TD VALIGN="top">Everest Re Group</TD>
<TD VALIGN="top">St. Paul Travelers Companies</TD></TR>
<TR>
<TD VALIGN="top">Fairfax Financial</TD>
<TD VALIGN="top">Toa Reinsurance Company</TD></TR>
<TR>
<TD VALIGN="top">Federal Crop Insurance Corp</TD>
<TD VALIGN="top">Trenwick Group</TD></TR>
<TR>
<TD VALIGN="top">FM Global Group</TD>
<TD VALIGN="top">White Mountains Insurance Group</TD></TR>
<TR>
<TD VALIGN="top">Gerling Group</TD>
<TD VALIGN="top">WR Berkley Corp</TD></TR>
<TR>
<TD VALIGN="top">Zurich Financial Services Group</TD></TR>
<TR>
<TD ALIGN="left" VALIGN="top">Other includes amounts recoverable that are in dispute, or are from companies who are in supervision, rehabilitation or liquidation. Our
associated with Other considers the credit quality of the reinsurer, and whether we have received collateral or other credit protections such as parental guarantees. </TD></TR></TABLE>
<TR>
<TD ALIGN="left" VALIGN="top">Excludes recoverable amounts from companies who are in supervision, rehabilitation or liquidation, or are captive reinsurers, mandatory p
<TR>
<TD ALIGN="left" VALIGN="top">Contract was novated in the first quarter of 2005. </TD></TR></TABLE> &
<TR>
<TR>
<TD VALIGN="top"> Reinsurance Rec-Consolidated</TD>
94 of 126
8/12/11 4:20 PM

</TABLE>
<TR>
<TR>
<TD VALIGN="top">

STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center">Reinsurance Recoverable Analysis -4 
</TABLE> Detail on Reinsurance
Recoverable on Paid Losses and Loss Expenses 
<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center">General Collections (1) <HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center">Other (2) <HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center">Total <HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="top"> Gross balance at December 31, 2004</TD>
<TR>
<TD VALIGN="top"> Bad debt reserve at 12/31/04</TD>
<TD VALIGN="top"> % of gross</TD>
<TR>
<TD VALIGN="top"> Net balance at December 31, 2004 (3)<FO
SIZE="2" COLOR="#000000"></TD>
<TR>
<TD VALIGN="top"> Gross balance at March 31, 2005</TD>
95 of 126
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<TR>
<TD VALIGN="top"> Bad debt reserve at 3/31/05</TD>
<TD VALIGN="top"> % of gross</TD>
<TR>
<TD VALIGN="top"> Net balance at March 31, 2005 (3)</TD>
<TR>
<TR>
<TD ALIGN="left" VALIGN="top">General collections balances represent amounts in process of collection in the normal course of business, for which we have no indication
issues. </TD></TR></TABLE>
<TR>
<TD ALIGN="left" VALIGN="top">Other includes amounts recoverable that are in dispute, or are from companies who are in supervision, rehabilitation or liquidation for B
operations. Our estimation of the reserve for other, considers the merits of the underlying matter, the credit quality of the reinsurer, and whether we have received collateral or other credit protections such as parental
<TR>
<TD ALIGN="left" VALIGN="top">The current quarter allocation between general collections and other is estimated based on prior quarter balances. Balances are adjusted
quarter. </TD></TR></TABLE> 
<TR>
<TR>
<TD VALIGN="top"> Reinsurance Recoverable 4</TD>
</TABLE>
<TR>
<TR>
<TD VALIGN="top">

STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center">Investment Portfolio </
<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
96 of 126
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<TD VALIGN="top"> Market Value</TD>
<TR>
<TD VALIGN="top"> Fixed maturities available for sale</TD>
<TD VALIGN="top"> Fixed maturities held to maturity</TD>
<TR>
<TD VALIGN="top"> Short-term investments</TD>
<TR>
<TR>
<TD VALIGN="top"> Asset Allocation by Market Value</TD>
<TR>
<TD VALIGN="top"> Treasury</TD>
<TD VALIGN="top"> Agency</TD>
<TR>
<TD VALIGN="top"> Corporate</TD>
<TD VALIGN="top"> Mortgage-backed securities</TD>
<TR>
<TD VALIGN="top"> Asset-backed securities</TD>
<TD VALIGN="top"> Municipal</TD>
97 of 126
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<TR>
<TR>
<TR>
<TR>
<TR>
<TR>
<TR>
<TR>
98 of 126
Roman" SIZE="2">Non-US</TD>
Roman" SIZE="2">Cash & cash equivalent</TD>
Roman" SIZE="2">Credit Quality by Market Value</TD>
Roman" SIZE="2">AAA</TD>
Roman" SIZE="2">AA</TD>
Roman" SIZE="2">A</TD>
Roman" SIZE="2">BBB</TD>
Roman" SIZE="2">BB</TD>
Roman" SIZE="2">B</TD>
Roman" SIZE="2">Other</TD>
8/12/11 4:20 PM

<TR>
<TD VALIGN="top"> Cost/Amortized Cost</TD>
<TR>
<TD VALIGN="top"> Fixed maturities available for sale</TD>
<TD VALIGN="top"> Fixed maturities held to maturity</TD>
<TR>
<TD VALIGN="top"> Short term investments</TD>
<TR>
<TD VALIGN="top"> Subtotal</TD>
<TR>
<TD VALIGN="top"> Equity securities</TD>
<TD VALIGN="top"> Other investments</TD>
<TR>
<TR>
<TD VALIGN="top"> Avg. duration of fixed maturities, adj. for int. rate swaps</TD>
<TD VALIGN="bottom" ALIGN="right">3.1 years</TD>
<TD VALIGN="bottom" ALIGN="right">3.4 years</TD>
<TR>
<TD VALIGN="top"> Avg. market yield of fixed maturities</TD>
<TD VALIGN="top"> Avg. credit quality</TD>
99 of 126
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<TD VALIGN="bottom" ALIGN="right">AA</TD>
<TD VALIGN="bottom" ALIGN="right">AA</TD>
<TR>
<TR>
<TD VALIGN="top"> Investments</TD>
</TABLE>
<TR>
<TR>
<TD VALIGN="top">

STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center">Realized and Unrealized Gains (Losses) 
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center">Three months ended March 31, 2005 <HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TR>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center">Net Realized Gains (Losses) (1) <HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"> Net Unrealized Gains (Losses)<HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center">Net Impact <HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="top"> Investment Portfolio Gains (Losses)</TD>
<TR>
<TD VALIGN="top"> Fixed maturities</TD>
<TD VALIGN="top"> Interest rate swaps</TD>
<TR>
<TD VALIGN="top"> Equity and fixed income derivatives</TD>
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<TR>
<TD VALIGN="top"> Foreign exchange gains (losses)</TD>
<TD VALIGN="top"> Other</TD>
<TR>
<TD VALIGN="top"> Total inv. portfolio gains (losses)</TD>
<TR>
<TD VALIGN="top"> Other FAS 133 adjustments</TD>
<TR>
<TD VALIGN="top"> Total gains (losses)</TD>
<TR>
<TR>
<TD VALIGN="top"> Net gains (losses)</TD>
<TR>
101 of 126
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<TR>
<TD ALIGN="left" VALIGN="top">The quarter includes impairments of $20M for fixed maturities and $1M for equities. </TD></TR></TABLE> 
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center">Three months ended March 31, 2004 <HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TR>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center">Net Realized Gains (Losses) (2) <HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"> Net Unrealized Gains (Losses)<HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center">Net Impact <HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="top"> Investment Portfolio Gains (Losses)</TD>
<TR>
<TD VALIGN="top"> Fixed maturities</TD>
<TD VALIGN="top"> Interest rate swaps</TD>
<TR>
<TD VALIGN="top"> Equity and fixed income derivatives</TD>
<TR>
<TD VALIGN="top"> Foreign exchange gains (losses)</TD>
<TD VALIGN="top"> Other</TD>
<TR>
102 of 126
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<TD VALIGN="top"> Total inv. portfolio gains (losses)</TD>
<TR>
<TD VALIGN="top"> Other FAS 133 adjustments</TD>
<TR>
<TD VALIGN="top"> Total gains (losses)</TD>
<TR>
<TR>
<TD VALIGN="top"> Net gains (losses)</TD>
<TR>
<TR>
<TD ALIGN="left" VALIGN="top">The quarter includes impairments of $1M for fixed maturities and $1M for equities. </TD></TR></TABLE> 
<TR>
<TR>
<TD VALIGN="top"> Investment Gains (Losses)</TD>
</TABLE>
103 of 126
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<TR>
<TR>
<TD VALIGN="top">

STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center">Capital Structure 
<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center">December 31 2004 <HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="top"> Total short-term debt</TD>
<TR>
<TD VALIGN="top"> Total long-term debt</TD>
<TR>
<TD VALIGN="top"> Total debt</TD>
<TR>
<TR>
<TD VALIGN="top"> Total trust preferreds</TD>
<TR>
<TD VALIGN="top"> Perpetual preferred</TD>
<TR>
<TD VALIGN="top"> Ordinary shareholders equity</TD>
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<TR>
<TR>
<TR>
<TR>
<TR>
<TR>
105 of 126
Roman" SIZE="2">Total shareholders equity</TD>
Roman" SIZE="2">Total capitalization</TD>
Roman" SIZE="2">Tangible shareholders equity (1)</FO
Roman" SIZE="2">Leverage ratios</TD>
Roman" SIZE="2">Debt/ total capitalization</TD>
Roman" SIZE="2">Debt plus trust preferreds/ total capitalization</TD>
Roman" SIZE="2">Debt/ tangible equity</TD>
Roman" SIZE="2">Debt plus trust preferreds/ tangible equity</TD>
8/12/11 4:20 PM

<TR>
<TD VALIGN="top"> Debt plus total preferred stock/ total capitalization</TD>
<TR>
<TD ALIGN="left" VALIGN="top">Tangible equity is equal to shareholders equity less goodwill. </TD></TR></TABLE> 
<TR>
<TD VALIGN="top"> Capital Structure</TD>
</TABLE>
<TR>
<TR>
<TD VALIGN="top">

STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center">Computation of Basic and Diluted Earnings Per Share (in millions of U.S. dollars, except share and per share data) (Unaudited)</TD>
<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center">Three months ended March 31 <HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TR>
<TD VALIGN="top"> Numerator</TD>
<TR>
<TD VALIGN="top"> Perpetual preferred dividend</TD>
<TR>
<TD VALIGN="top"> Income to ordinary shares, excl. net realized gains (losses)</TD>
<TR>
106 of 126
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<TR>
<TR>
<TR>
<TR>
<TR>
<TR>
<TR>
<TR>
107 of 126
SIZE="2">Net realized gains (losses), net of income tax</TD>
SIZE="2">Net income available to the holders of ordinary shares</TD>
SIZE="2">Rollforward of ordinary shares</TD>
SIZE="2">Ordinary shares - beginning of period</TD>
SIZE="2">Issued under employee stock purchase plan</TD>
SIZE="2">Stock (cancelled) granted</TD>
SIZE="2">Issued for option exercises</TD>
SIZE="2">Ordinary shares - end of period</TD>
SIZE="2">Denominator</TD>
SIZE="2">Weighted average shares outstanding</TD>
SIZE="2">Effect of other dilutive securities</TD>
8/12/11 4:20 PM

<TR>
<TR>
<TR>
<TR>
<TR>
<TR>
<TR>
<TR>
108 of 126
SIZE="2">Adj. wtd. avg. shares outstanding and assumed conversions</TD>
SIZE="2">Basic earnings per share</TD>
SIZE="2">Income excluding net realized gains (losses)(1)<
SIZE="2">Net realized gains (losses)</TD>
SIZE="2">Net income</TD>
SIZE="2">Diluted earnings per share</TD>
SIZE="2">Income excluding net realized gains (losses)(1)<
SIZE="2">Net realized gains (losses)</TD>
SIZE="2">Net income</TD>
8/12/11 4:20 PM

<TR>
<TR>
<TR>
<TD VALIGN="top"> Earnings per share</TD>
</TABLE>
<TR>
<TR>
<TD VALIGN="top">

STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center">Non-GAAP Financial Measures </
</TABLE> Regulation G - Non-GAAP
Financial Measures </B
we have included and discussed certain non-GAAP measures. These non-GAAP measures, which may be defined differently by other companies, are important for an understanding of our overall results of operations; however, the
substitute for measures determined in accordance with GAAP. A reconciliation of book value per share to diluted book value per ordinary share is provided on page 22. In presenting our segment operating results we have shown our performance with reference
Underwriting results are calculated by subtracting losses and loss expenses, life and annuity benefits, policy acquisition costs and administrative expenses from net premiums earned. We use underwriting results and operat
results of our operations without the impact of certain factors, including investment income, other income and expenses, interest and income tax expense and net realized gains (losses). The following non-GAAP measure is a common performance measurement and is defined as inco
realized gains (losses) and the tax expense on net realized gains (losses). We believe this presentation enhances the understanding of our results of operations by highlighting the underlying profitability of our insuranc
realized gains (losses) because the amount of these gains (losses) is heavily influenced by, and fluctuates in part, according to the availability of market opportunities. We believe these amounts are largely independent
including them would distort the analysis of trends. Income excluding net realized gains (losses) should not be viewed as a substitute for net income determined in accordance with generally accepted accounting principles
<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center">Full Year 2004 <HR SIZE="1" NOSHADE COLOR="#000000"></TD></TR>
<TD VALIGN="top"> Net income (loss), as reported</TD>
<TR>
109 of 126
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<TR>
<TD VALIGN="top"> Income excluding net realized gains (losses)</TD>
<TR>
<TR>
<TR>
<TD VALIGN="top"> Reconciliation Non-GAAP</TD>
</TABLE>
<TR>
<TR>
<TD VALIGN="top">

STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center">Diluted Book Value per Ordinary Share (in millions of U.S. dollars, except share and per share data) (Unaudited)</TD>
</TABLE> Reconciliation of Book Value per
Ordinary Share to Diluted Book Value per Ordinary Share 
<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"> March 31 December 31 2004 <HR SIZE="1" NOSHADE COLOR="#000000"></TD>
110 of 126
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<TR>
<TR>
<TR>
<TR>
<TR>
<TR>
<TR>
<TR>
111 of 126
SIZE="2">Shareholders equity</TD>
SIZE="2">Net proceeds from assumed conversions of options</TD>
SIZE="2">Proceeds from issuance of preferred shares</TD>
SIZE="2">Numerator for diluted book value per share calculation</TD>
SIZE="2">Less: goodwill</TD>
SIZE="2">Numerator for diluted tangible book value per share</TD>
SIZE="2">Ordinary shares outstanding - end of period</TD>
SIZE="2">Shares issued from assumed conversions of options</TD>
SIZE="2">Denominator for diluted and diluted tangible book value</TD>
SIZE="2">Book value per ordinary share</TD>
8/12/11 4:20 PM

<TR>
<TD VALIGN="top"> Diluted book value per ordinary share</TD>
<TD VALIGN="top"> Diluted tangible book value per ordinary share</TD>
<TR>
<TR>
<TD VALIGN="top"> Reconciliation Book Value</TD>
</TABLE>
<TR>
<TR>
<TD VALIGN="top">

STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center">Comprehensive Income </
</TABLE> Consolidated Statement of
Comprehensive Income 
<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TR>
<TD VALIGN="top"> Net unrealized appreciation (depreciation) on investments</TD>
112 of 126
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<TD VALIGN="top"> Unrealized appreciation (depreciation) on investments</TD>
<TR>
<TD VALIGN="top"> Reclassification adjustment for net realized gains (losses) included in net income</TD>
<TD VALIGN="top"> Unrealized appreciation on investments transferred from available for sale to held to maturity during the period</
<TR>
<TD VALIGN="top"> Cumulative translation adjustment</TD>
<TD VALIGN="top"> Minimum pension liability adjustment</TD>
113 of 126
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<TR>
<TD VALIGN="top"> Income tax (expense) benefit related to other comprehensive income items</TD>
<TR>
<TD VALIGN="top"> Other comprehensive income (loss)</TD>
<TR>
<TD VALIGN="top"> Comprehensive income (loss)</TD>
<TR>
114 of 126
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<TR>
<TR>
<TD VALIGN="top"> Comprehensive Income</TD>
</TABLE>
<TR>
<TR>
<TD VALIGN="top">

STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center">Glossary</TD>
</TABLE> Annualized return on ordinary
shareholders equity (ROE): Income (loss) excluding net realized gains (losses) less perpetual preferred securities divided by average ordinary shareholders equity for the period. To annualize a quarterly r
 Combined ratio: The sum of the loss an
acquisition cost ratio and the administrative expense ratio for the property and casualty and financial services operations. Calculated on a GAAP basis. <FON
Diluted book value per ordinary share: Ordinary shareholders equity and net proceeds from assumed conversions of outstanding i
by the sum of shares outstanding and the number of options assumed issued. Diluted tangible book value per ordinary share: Ordinary shareholders equity and net proceeds from assumed conversions of outstanding in-the-money options less goodwill divided by the sum of shares o
options assumed issued. Effective tax r
divided by the sum of income tax expense and income (loss) excluding net realized gains (losses). FAS 115: Unrealized gains (losses) on investments and the deferred tax component included in shareholders equity. Life underwriting income: Net premium earned and net investment income less future policy benefits, acqui
administrative expenses. NM: Not mea
 Ordinary shareholders equity: Shareholders
preferred shares. P & C: Proper
 Property and casualty combined ratios: Loss
policy acquisition cost ratios and administrative expense ratios excluding life reinsurance business and financial services segment. Calculated on a GAAP basis. Return on ordinary shareholders equity (ROE): Income (loss) excluding net realized gains (losses) l
securities divided by average ordinary shareholders equity. Tangible equity: Shareholders equity less goodwill. Total capitalization: Short-term debt, long-term debt, trust preferreds, perpetual preferred shares and shareholders equity. YTD: Year to date. 
<TR>
<TR>
<TD VALIGN="top"> Glossary</TD>
</TABLE>
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ME6Ò[J*:=U3,3-Y5&YI]]$1;.W9R7.:-Z*:KL!GJXQ>8L?A[W.M%5MW13BKB
MN9FR=BFCWTY-I9*'7IN4````````````````````````````````````````
5`````````````````````````?_9
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
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2005-4-27 ACE Limited (NYSE: ACE) 8-K

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2005-4-27 ACE Limited (NYSE: ACE) 8-K

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http://www.sec.gov/Archives/edgar/data/896159/000119312505085884/0001193125-05-0858...

-----BEGIN PRIVACY-ENHANCED MESSAGE----Proc-Type: 2001,MIC-CLEAR

<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>

<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">

</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>

<TD VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#000000"></TD>

<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>

Roman" SIZE="2">Administrative expenses</FONT></P></TD>

Roman" SIZE="2">Net investment income</FONT></P></TD>

Roman" SIZE="2">Net realized gains (losses)</FONT></P></TD>

Roman" SIZE="2">Interest expense</FONT></P></TD>

Roman" SIZE="2">Other (income) expense</FONT></P></TD>

Roman" SIZE="2">Income tax expense</FONT></P></TD>

Roman" SIZE="2">Net income</FONT></P></TD>

Roman" SIZE="2">Preference shares dividend</FONT></P></TD>

Roman" SIZE="2">Net income available to holders of ordinary shares</FONT></P></TD>

<TD VALIGN="bottom"><HR SIZE="3" NOSHADE ALIGN="right" COLOR="#000000"></TD>

<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>

Roman" SIZE="2">Insurance - Overseas General</FONT></P></TD>

Roman" SIZE="2">Global Reinsurance*</FONT></P></TD>

Roman" SIZE="2">Financial Services</FONT></P></TD>

Roman" SIZE="2"><B><U>Net Premiums Written</U></B></FONT></P></TD>

Roman" SIZE="2">Insurance - North American</FONT></P></TD>

Roman" SIZE="2">Insurance - Overseas General</FONT></P></TD>

Roman" SIZE="2">Global Reinsurance*</FONT></P></TD>

Roman" SIZE="2">Financial Services</FONT></P></TD>

<TD VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#000000"></TD>

Roman" SIZE="2"><B><U>Net Premiums Earned</U></B></FONT></P></TD>

Roman" SIZE="2">Insurance - North American</FONT></P></TD>

Roman" SIZE="2">Insurance - Overseas General</FONT></P></TD>

Roman" SIZE="2">Global Reinsurance*</FONT></P></TD>

Roman" SIZE="2">Financial Services</FONT></P></TD>

Roman" SIZE="2">Insurance - North American</FONT></P></TD>

Roman" SIZE="2">Insurance - Overseas General</FONT></P></TD>

Roman" SIZE="2">Global Reinsurance*</FONT></P></TD>

Roman" SIZE="2">Financial Services</FONT></P></TD>

<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>

<IMG SRC="g73753ex99_2ace.jpg" ALT="LOGO"></TD>

<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>

<IMG SRC="g73753ex99_2ace.jpg" ALT="LOGO"></TD>

<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">%</FONT></TD></TR>

<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">2,682</FONT></TD>

Roman" SIZE="2">Losses and loss expenses</FONT></P></TD>

Roman" SIZE="2">Policy acquisition costs</FONT></P></TD>

Roman" SIZE="2">Administrative expenses</FONT></P></TD>

Roman" SIZE="2">P&amp; C underwriting income (loss)</FONT></P></TD>

<TD HEIGHT="8" COLSPAN="4"></TD>

<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">(21</FONT></TD>

Roman" SIZE="2">Income tax expense (benefit)</FONT></P></TD>

Roman" SIZE="2">Net income (loss)</FONT></P></TD>

Roman" SIZE="2">Net realized gains (losses)</FONT></P></TD>

Roman" SIZE="2">Tax expense on net realized gains (losses)</FONT></P></TD>

<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>

Roman" SIZE="2">Net premiums written</FONT></P></TD>

Roman" SIZE="2">Net premiums earned</FONT></P></TD>

<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>

Roman" SIZE="2"><B>Other ratios</B></FONT></P></TD>

Roman" SIZE="2">Net premiums written/gross premiums written</FONT></P></TD>

Roman" SIZE="2">Annualized ROE*</FONT></P></TD>

<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>

<IMG SRC="g73753ex99_2ace.jpg" ALT="LOGO"></TD>

<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>

Roman" SIZE="2">Loss and loss expense ratio</FONT></P></TD>

<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>

<TD WIDTH="1%" VALIGN="top"> </TD>

</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1"> </FONT></P>

<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>

<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>

<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>

<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>

Roman" SIZE="2">P& C underwriting income (loss)</FONT></P></TD>

<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>

<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>

<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>

<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>

<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>

<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>

<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>

<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>

<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>

<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>

<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>

<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>

<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>

<TD NOWRAP VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>

<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>

<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>

<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>

<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>

<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>

<TD VALIGN="top"><FONT SIZE="1"> </FONT></TD></TR>

<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>

<TD VALIGN="bottom"><FONT SIZE="1"> </FONT></TD>

Roman" SIZE="2">P&C underwriting income (loss)</FONT></P></TD>

<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"> </FONT></TD>