2003-10-29 ACE Limited (NYSE: ACE) 8-K

http://www.sec.gov/Archives/edgar/data/896159/000119312503068666/0001193125-03-0686...
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<SEC-DOCUMENT>0001193125-03-068666.txt : 20031029
<SEC-HEADER>0001193125-03-068666.hdr.sgml : 20031029
<ACCEPTANCE-DATETIME>20031028203146
ACCESSION NUMBER:
0001193125-03-068666
CONFORMED SUBMISSION TYPE:
8-K
PUBLIC DOCUMENT COUNT:
3
CONFORMED PERIOD OF REPORT:
20031028
ITEM INFORMATION:
ITEM INFORMATION:
Financial statements and exhibits
FILED AS OF DATE:
20031029
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
03962080
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
<SEQUENCE>1
<FILENAME>d8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML><HEAD>
<TITLE>Form 8-K</TITLE>
</HEAD>
<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 FORM 8-K Current Report Pursuant To Section 13 or 15 (d) of the Securities Exchange Act of 193
STYLE="margin-top:0px;margin-bottom:0px"> Date of Report (Date of earliest event reported
 ACE LIMITED 
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center">(Exact name of registrant as specified in its charter) 
<TR>
<TD VALIGN="top" ALIGN="center" WIDTH="32%">Cayman Islands</TD>
<TD VALIGN="bottom" WIDTH="2%" > </TD>
<TD VALIGN="top" ALIGN="center" WIDTH="32%">1-11778</TD>
<TD VALIGN="top" ALIGN="center" WIDTH="32%">98-0091805</TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center" WIDTH="32%">(State or other jurisdiction)</TD>
<TD VALIGN="top" ALIGN="center" WIDTH="32%">(Commission File Number)</TD>
<TD VALIGN="top" ALIGN="center" WIDTH="32%"> (I.R.S. Employer of Incorporation 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) <
SIZE="1"> <HR SIZE="3" NOSHADE COLOR="#000000" ALIGN="left">

<HR SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">

<TR>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">Item 7.</TD>
<TD WIDTH="1%" VALIGN="top"> </TD>
<TD ALIGN="left" VALIGN="top">Financial Statements, Pro Forma Financial Information and Exhibits. </TD></TR></TABLE> 
SIZE="1"> 
<TR>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">(c) Exhibits</TD>
<TD ALIGN="left" VALIGN="top"></TD></TR></TABLE> 
<TR>
<TD VALIGN="bottom" ALIGN="center">Exhibit Number <HR WIDTH="44" SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="89%"> Description<HR WIDTH="65" SIZE="1" NOSHADE ALIGN="left" COLOR="#000000"></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center" WIDTH="3%"> 99.1</TD>
<TD VALIGN="bottom" WIDTH="89%">Press release, dated October 28, 2003, reporting third quarter results</TD></TR>
<TR>
<TR>
<TD VALIGN="bottom" WIDTH="89%">Third quarter Financial Supplement</TD></TR>
</TABLE> 
<TR>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">Item 12.</TD>
<TD ALIGN="left" VALIGN="top">Results of Operations and Financial Condition </TD></TR></TABLE> 
STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%">On October 28, 2003, ACE Limited issued a press release reporting its third quarter 2003 results and the availability of its t
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 by reference. In accordance with general instruction B.6 of Form 8-K, the information in this report, includin
pursuant to Item 12 and shall not be deemed filed for the purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section. 
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">
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<TR>
<TD VALIGN="top" COLSPAN="3" WIDTH="90%">ACE LIMITED </TD></TR>
<TR>
<TR>
<TD VALIGN="top" WIDTH="8%">By:</TD>
<TD VALIGN="top" ALIGN="center" WIDTH="90%">/s/ Philip V. Bancroft </TD></TR>
<TR>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" COLSPAN="2"><HR SIZE="1" NOSHADE COLOR="#000000"></TD></TR>
<TR>
<TD VALIGN="top"> </TD>
<TD VALIGN="bottom" ALIGN="center" WIDTH="90%"> Philip V. Bancroft Chief Financial Officer</TD></TR>
</TABLE></DIV> DATE: October 28, 2003 
EXHIBIT INDEX 
<TD VALIGN="bottom" ALIGN="center">Number <HR WIDTH="44" SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="44%" ALIGN="center"> Description<HR WIDTH="65" SIZE="1" NOSHADE COLOR="#000000"
<TD VALIGN="bottom" WIDTH="43%" ALIGN="center"> Method of Filing<HR WIDTH="95" SIZE="1" NOSHADE COLOR="#00
<TR>
<TD VALIGN="bottom" WIDTH="44%">Press release, dated October 28, 2003, reporting third quarter results</TD>
<TD VALIGN="top" ALIGN="center" WIDTH="43%">Furnished herewith</TD></TR>
<TR>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TR>
<TD VALIGN="bottom" WIDTH="44%">Third quarter Financial Supplement</TD>
<TD VALIGN="top" ALIGN="center" WIDTH="43%">Furnished herewith</TD></TR>
</TABLE>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>dex991.htm
<DESCRIPTION>PRESS RELEASE DATED OCTOBER 28, 2003
<TEXT>
<HTML><HEAD>
<TITLE>Press Release dated October 28, 2003</TITLE>
</HEAD>
Exhibit 99.1 
<TR>
<TD VALIGN="top" WIDTH="23%"> [LOGO]</TD>
<TD VALIGN="top" NOWRAP WIDTH="30%"> ACE Limited ACE Global Headquarters 17 Woodbourne Avenue Bermuda Hamilton HM 08 Bermuda</TD>
<TD VALIGN="top" WIDTH="19%"> PO Box HM 1015 H
STYLE="margin-top:0px;margin-bottom:0px">Bermuda 441 295-5200 main 441 292-8675 fax www.acelimited.com</TD>
<TD VALIGN="top" WIDTH="14%"> News Release</TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="5" WIDTH="19%"> FOR IMMEDIATE REL
STYLE="margin-top:0px;margin-bottom:-6px"> </TD>
<TD VALIGN="top"> </TD></TR>
<TR>
<TD VALIGN="top" WIDTH="19%">Investor Contact: </TD>
<TD VALIGN="top" WIDTH="14%"> Helen M. Wilson </TD></TR>
<TR>
<TR>
<TD VALIGN="top" WIDTH="19%">Media Contact: </TD>
<TD VALIGN="top" WIDTH="14%"> Anna Lowry (441)
278-6683</TD></TR>
</TABLE> ACE LIMITED
REPORTS THIRD QUARTER RESULTS HAMILTON,
2003ACE Limited (NYSE:ACE) today reported that fully diluted net income per share totaled $1.22, which included after-tax net realized gains of $51 million for the quarter. This compared with a net loss of $0.24
year ago after considering $205 million in net realized losses. Income excluding net realized gains (losses) for the third quarter of 2003 was up 105% to a record $304 million, or $1.04 per share, compared with $148 milli
the same quarter last year. (1) 
SIZE="1"> Net premiums written increased 4% to $2.3 billion for the quarter. Out of total net premiums written, consolidat
increased by 27%, while Financial Services declined 78% reflecting the erratic nature of production in this segment. Most of this decline was due to the absence of new loss portfolio transfer and equity CDO premium for th
STYLE="margin-top:0px;margin-bottom:0px"> Brian Duperreault, Chairman and Chief Executive Officer of ACE Li
was another excellent quarter for our Company that once again demonstrated the growing strength of our organization, our global presence and diversified product capability. ACE recorded increased income before net realize
operating segment for the quarter. We remain optimistic about business conditions for the balance of the year and beyond. Other operating highlights were as follows: 
<TR>
<TD WIDTH="4%"> </TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"></TD>
<TD ALIGN="left" VALIGN="top">The P&C combined ratio was 91.6% for the quarter compared with 98.0% a year ago </TD></TR></TABLE> 
<TD ALIGN="left" VALIGN="top">Current quarter catastrophe losses totaled $42 million or 1.9% of P&C earned premiums for the quarter, compared with $100 million, or 6.7% of P&C
comparable quarter of 2002 </TD></TR></TABLE> 
<TR>
<TD ALIGN="left" VALIGN="top">Operating cash flow amounted to $1.1 billion for the quarter </TD></TR></TABLE> 
<TR>
<TD ALIGN="left" VALIGN="top">Net investment income increased 9% to $216 million </TD></TR></TABLE> 
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8/12/11 3:49 PM

<TD ALIGN="left" VALIGN="top">Diluted book value per ordinary share increased to $27.76 from $24.16 at December 30, 2002, up 15% (2) </TD></TR></TABLE> Shareholders equity is $8.3 billion, an increase of 31% from December 31, 2002. Tangible equity amounted to $5.6 billion, a gain of 53% in the first nine months. Total capital resourc
September 30, 2003. ACEs debt to total capital ratio improved to 17.7%. Income before net realized gains as a percent of average equity, including the application of FAS 115, on an annualized basis totaled 15.2% for
excluding FAS 115. 
Page 1/6 
Financial results improved over the prior years results for each segment; details are available in the financial
supplement. Key items include: 
<TR>
<TD ALIGN="left" VALIGN="top">Insurance-North American: Net premiums written rose 23% in the quarter and the combined ratio was 91.9% reflecting the positive contributions made by the
</TD></TR></TABLE> 
<TR>
<TD ALIGN="left" VALIGN="top">Insurance-Overseas General: Net premiums written were up 26% as reported and 19% excluding the effect of foreign exchange. The foreign exchange impact on
segments combined ratio improved to 92.9%. We are experiencing particularly strong results in our European and Asia Pacific operations. </TD></TR></TABLE> 
<TD ALIGN="left" VALIGN="top">Global Reinsurance: Net premiums written were up 66%, a result of our continued strategy to diversify our reinsurance operations into a multi-line reinsu
excellent combined ratio of 75.0% in the quarter. The company is developing its casualty reinsurance market with segment net written premium year-to-date of $1 billion. We incurred catastrophe losses of $12 million in the
</TD></TR></TABLE> 
<TR>
<TD ALIGN="left" VALIGN="top">Financial Services: Net premiums written were $105 million in the third quarter of 2003, principally arising from the Financial Guaranty business. Income
gains (losses) was up 19% in the quarter. The segment had a $26 million pre-tax realized gain on its FAS 133 mark-to-market and reported a combined ratio of 89.5% for the third quarter. </TD></TR></TABLE> Please refer to the ACE Financial Supplement September 30, 2003,
Companys website, for more detailed information on individual segment performance, together with additional disclosure on reinsurance recoverable, loss reserves, financial guaranty portfolio, investment portfolio an
ACEs website reference (url) is http://media.corporate-ir.net/media_files/nys/ace/reports fin_supp_september_30_2003.xls. (Due to the length of this URL, it may be necessary to copy and paste this hyperlink i
browsers URL address field.) ACE Limited (NY
quarter earnings conference call and webcast on Wednesday, October 29, 2003 beginning at 8:00 a.m. EST. The call is available via live and archived webcast at www.acelimited.com or by dialing 1-973-582-2745. Please
Investor Information, Calendar of Events for details. A replay of the call will be available from Wednesday, October 29, 2003 until Wednesday, November 12, 2003 at 5:00 p.m. EST. To listen to the replay, dial:
United States) or 1-973-341-3080 (international); passcode 4224312. <FONT FACE="Times Ne
Group of Companies is a global leader in insurance and reinsurance serving a diverse group of clients. A component of the Standard & Poors 500 stock index, ACE Group conducts its business on a worldwide basis wi
nearly 50 countries. Additional information can be found at: http://www.acelimited.com. <HR WIDTH="10%" SIZE="1" NOSHADE COLOR
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"> </TD>
<TD ALIGN="left" VALIGN="top">1Income (loss) excluding net realized gains (losses) on investments and the tax effect of net realized gains (losses) on investments is a common performance measurement. We believe this presentation enhance
results of operations by highlighting the underlying profitability of our insurance business. We exclude net realized gains (losses) on investments because the amount of these gains (losses) is heavily influenced by, and
to, the availability of market opportunities. This measure should not be viewed as a substitute for net income determined in accordance with generally accepted accounting principles (GAAP). </TD></TR></TABLE
STYLE="margin-top:0px;margin-bottom:0px"> 
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"> </TD>
<TD ALIGN="left" VALIGN="top">2Diluted book value per ordinary share is ordinary shareholders equity and net proceeds from assumed conversions of outstanding in-the-money options divided by the sum of shares outstanding and the nu
issued. </TD></TR></TABLE> 
Application of the Safe Harbor of the Private Securities Litigation Reform Act of 1995: Any forward-looking statements made in this press release ref
current views with respect to future events and financial performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertai
results to differ materially from those set forth in these statements. For example, the Companys forward-looking statements could be affected by competition, pricing and policy term trends, the levels of new and ren
market acceptance, changes in demand, the frequency of unpredictable catastrophic events, actual loss experience, uncertainties in the reserving or settlement process, the impact of aggregate policy coverage limits, the i
various asbestos producers and related businesses, new theories of liability, judicial and legislative developments, litigation tactics, the amount and timing of reinsurance recoverable, actual market developments, rating
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, and other factors identified in the
the Securities and Exchange Commission. 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 undertakes no obligation
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) 
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">
<TR>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"> September 30 2003<HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"> December 31 2002<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>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top" WIDTH="76%"> Assets</TD>
<TD VALIGN="bottom"> </TD></TR>
<TR>
<TD VALIGN="top" WIDTH="76%"> Total investments and cash</TD>
<TD VALIGN="bottom" WIDTH="1%">$</TD>
<TD VALIGN="bottom" WIDTH="4%" ALIGN="right">22,085</TD>
<TD VALIGN="bottom" WIDTH="4%" ALIGN="right">18,324</TD></TR>
<TD VALIGN="top" WIDTH="76%"> Reinsurance recoverable</TD>
<TD VALIGN="bottom" WIDTH="1%"> </TD>
<TR>
<TD VALIGN="top" WIDTH="76%"> Insurance and reinsurance balances receivable</TD>
<TD VALIGN="top" WIDTH="76%"> Other assets</TD>
<TR>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE ALIGN="right" COLOR="#000000"></TD>
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<TD VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#000000"></TD>

<TD VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#000000"></TD></TR>
<TD VALIGN="top" WIDTH="76%"> Total assets</TD>
<TR>
<TR>
<TD VALIGN="top" WIDTH="76%"> Liabilities</TD>
<TR>
<TD VALIGN="top" WIDTH="76%"> Unpaid losses and loss expenses</TD>
<TD VALIGN="top" WIDTH="76%"> Unearned premiums</TD>
<TR>
<TD VALIGN="top" WIDTH="76%"> Other liabilities</TD>
<TR>
<TD VALIGN="top" WIDTH="76%"> Total liabilities</TD>
<TR>
<TR>
<TD VALIGN="top" WIDTH="76%"> Commitments and contingencies</TD>
<TR>
<TR>
<TD VALIGN="top" WIDTH="76%"> Mezzanine equity</TD>
<TD VALIGN="bottom" WIDTH="4%" ALIGN="right"> </TD>
<TD VALIGN="bottom" WIDTH="4%" ALIGN="right">311</TD></TR>
<TR>
<TD VALIGN="top" WIDTH="76%"> Shareholders equity</TD>
<TR>
<TD VALIGN="top" WIDTH="76%"> Total shareholders equity</TD>
<TR>
<TD VALIGN="top" WIDTH="76%"> Total liabilities, mezzanine equity and shareholders equity</TD>
<TR>
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<TD VALIGN="top" WIDTH="76%"> Diluted book value per ordinary share (2
FACE="Times New Roman" SIZE="2" COLOR="#000000"></TD>
<TD VALIGN="bottom" WIDTH="4%" ALIGN="right">27.76</TD>
<TD VALIGN="bottom" WIDTH="4%" ALIGN="right">24.16</TD></TR>
FACE="Times New Roman" SIZE="2">Summary Consolidated Financial Data (in millions of U.S. dollars, exce
and ratios) (Unaudited) 
<TR>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center"> Three Months Ended September 30<HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" > </TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center"> Nine Months Ended </TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center">2003 <HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="top" WIDTH="43%"> Gross premiums written</TD>
<TD VALIGN="bottom" WIDTH="1%" ALIGN="right"> 3,451</TD>
<TD NOWRAP VALIGN="bottom" WIDTH="1%"> </TD>
<TD NOWRAP VALIGN="bottom" WIDTH="1%"> </TD></TR>
<TR>
<TD VALIGN="top" WIDTH="43%"> Net premiums written</TD>
<TD VALIGN="top" WIDTH="43%"> Net premiums earned</TD>
<TR>
<TD VALIGN="top" WIDTH="43%"> Losses and loss expenses</TD>
<TD VALIGN="top" WIDTH="43%"> Life and annuity benefits</TD>
<TD VALIGN="bottom" WIDTH="1%" ALIGN="right">45</TD>
<TR>
<TD VALIGN="top" WIDTH="43%"> Policy acquisition costs</TD>
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<TD VALIGN="top" WIDTH="43%"> 
<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>
<TR>
<TD VALIGN="bottom" WIDTH="1%" ALIGN="right">(3</TD>
<TD NOWRAP VALIGN="bottom" WIDTH="1%">)</TD>
<TD NOWRAP VALIGN="bottom" WIDTH="1%">)</TD></TR>
<TR>
<TR>
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Roman" SIZE="2">Administrative expenses</TD>
Roman" SIZE="2">Underwriting income</TD>
Roman" SIZE="2">Net investment income</TD>
Roman" SIZE="2">Other income (expense)</TD>
Roman" SIZE="2">Interest expense</TD>
Roman" SIZE="2">Income tax expense</TD>
8/12/11 3:49 PM

<TD VALIGN="top" WIDTH="43%"> Income excluding net realized gains (losses) (1)</TD>
<TD VALIGN="bottom" WIDTH="1%" ALIGN="right"> 304</TD>
<TR>
<TD VALIGN="top" WIDTH="43%"> Net realized gains (losses)</TD>
<TD VALIGN="top" WIDTH="43%"> Tax effect of net realized gains (losses)</TD>
<TR>
<TD VALIGN="top" WIDTH="43%"> Net income</TD>
<TR>
<TD VALIGN="top" WIDTH="43%"> Preference shares dividend</TD>
<TD VALIGN="top" WIDTH="43%"> FELINE PRIDE dividend</TD>
<TR>
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<TD VALIGN="top" WIDTH="43%"> 344</TD>
<TR>
<TR>
<TD VALIGN="bottom" WIDTH="1%" ALIGN="right">(0.24</TD>
<TR>
<TD VALIGN="bottom" WIDTH="1%" ALIGN="right">281,890,236</TD>
<TD NOWRAP VALIGN="bottom" WIDTH="1%">%</TD>
<TD NOWRAP VALIGN="bottom" WIDTH="1%">%</TD></TR>
<TR>
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SIZE="2">Net income available to holders of Ordinary Shares</TD>
SIZE="2">Diluted earnings per share:</TD>
SIZE="2">Income excluding net realized gains (losses) Net income</TD>
SIZE="2">Weighted average diluted shares outstanding</TD>
SIZE="2">Loss and loss expense ratio</TD>
SIZE="2">Policy acquisition cost ratio</TD>
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<TD VALIGN="top" WIDTH="43%"> Administrative expense ratio</TD>
<TR>
<TD VALIGN="top" WIDTH="43%"> 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) 
<TR>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center"> Three Months Ended September 30<HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center"> Nine Months Ended 
<TD VALIGN="top" WIDTH="67%"> Gross Premiums Written</TD>
<TR>
<TD VALIGN="top" WIDTH="67%"> InsuranceNorth American</TD>
<TD VALIGN="top" WIDTH="67%"> InsuranceOverseas General</TD>
<TR>
<TD VALIGN="top" WIDTH="67%"> Global Reinsurance*</TD>
<TD VALIGN="top" WIDTH="67%"> Financial Services</TD>
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<TR>
<TR>
<TR>
<TR>
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Roman" SIZE="2">Total</TD>
Roman" SIZE="2">Net Premiums Written</TD>
Roman" SIZE="2">InsuranceNorth American</TD>
Roman" SIZE="2">InsuranceOverseas General</TD>
Roman" SIZE="2">Global Reinsurance*</TD>
Roman" SIZE="2">Financial Services</TD>
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<TR>
<TR>
<TR>
<TR>
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Roman" SIZE="2">Total</TD>
Roman" SIZE="2">Net Premiums Earned</TD>
Roman" SIZE="2">InsuranceNorth American</TD>
Roman" SIZE="2">InsuranceOverseas General</TD>
Roman" SIZE="2">Global Reinsurance*</TD>
Roman" SIZE="2">Financial Services</TD>
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<TR>
<TR>
<TR>
<TR>
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SIZE="2">Total</TD>
SIZE="2">Income (Loss) Excluding Net Realized Gains (Losses)InsuranceNorth American</TD>
SIZE="2">InsuranceOverseas General</TD>
SIZE="2">Global Reinsurance*</TD>
SIZE="2">Financial Services</TD>
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<TR>
<TD VALIGN="top" WIDTH="67%"> Corporate</TD>
<TR>
<TD VALIGN="top" WIDTH="67%"> Total</TD>
<TR>
</TABLE> 
<TR>
<TD WIDTH="4%" 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>4
<FILENAME>dex992.htm
<DESCRIPTION>THIRD QUARTER FINANCIAL SUPPLEMENT
<TEXT>
<HTML><HEAD>
<TITLE>Third Quarter Financial Supplement</TITLE>
</HEAD>
Exhibit 99.2 [GRAPHIC APPEARS HERE] Financial Supplement </F
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center">September 30, 2003 
<TR>
<TD VALIGN="top" WIDTH="14%"> Investor Contact</TD>
<TD VALIGN="top" WIDTH="29%"> Helen M. Wilson Phone: (441) 299-9283 Fax: (441) 292-8675 email: investorrelations@ace.bm</TD>
<TD VALIGN="top" WIDTH="53%"> This report is for informational purposes only. It should be read in conjuction with documents filed by ACE Limited with th
Commission, including the most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.</TD></TR>
</TABLE> Application of the Safe Harbor of
the Private Securities Litigation Reform Act of 1995: <FONT FACE="Ti
forward-looking statements made in this financial supplement reflect the Companys current views with respect to future events and financial performance and are made pursuant to the safe harbor provisions of the Priv
Reform Act of 1995. Such statements involve risks and uncertainties which may cause actual results to differ materially from those set forth in these statements. For example, the Companys forward-looking statements
recoverables could be affected by the frequency of unpredictable catastrophic events, actual loss experience which differs from the Companys assumptions, uncertainties in the reserving or settlement process, the imp
coverage limits, the impact of bankruptcies of various asbestos producers and related business, new theories of liability, judicial and legislative developments, litigation tactics, credit developments among reinsurers an
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, 2002, the Companys quarterly reports on Form 10-Q fo
31, 2003 and June 30, 2003 and in the Companys earnings press release, which are available on the Companys website. Readers are cautioned not to place undue reliance on these forward-looking statements, which
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. 
[GRAPHIC APPEARS HERE] ACE Limited Financial Supplement Table of Contents 
<TR>
<TD VALIGN="bottom" ALIGN="center">Page <HR SIZE="1" NOSHADE COLOR="#000000"></TD></TR>
<TR>
<TD VALIGN="top" WIDTH="3%"> I.</TD>
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<TD VALIGN="bottom" WIDTH="88%"> Financial Highlights</TD>
<TR>
<TD VALIGN="bottom" WIDTH="88%"> Consolidated Financial Highlights</TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="5%">1</TD></TR>
<TR>
<TR>
<TD VALIGN="top" WIDTH="3%"> II.</TD>
<TD VALIGN="bottom" WIDTH="88%"> Consolidated Results</TD>
<TR>
<TD VALIGN="bottom" WIDTH="88%"> Consolidated ResultsConsecutive Quarters</TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="5%">2-3</TD></TR>
<TR>
<TD VALIGN="bottom" WIDTH="88%"> Computation of Basic and Diluted Earnings Per Share</TD>
<TR>
<TD VALIGN="bottom" WIDTH="88%"> Summary Consolidated Balance Sheets</TD>
<TR>
<TD VALIGN="bottom" WIDTH="88%"> Consolidated Premiums by Line of Business</TD>
<TR>
<TD VALIGN="bottom" WIDTH="88%"> Consolidating Statement of Operations</TD>
<TR>
<TR>
<TD VALIGN="top" WIDTH="3%"> III.</TD>
<TD VALIGN="bottom" WIDTH="88%"> Segment Results</TD>
<TR>
<TD VALIGN="bottom" WIDTH="88%"> Insurance-North American</TD>
<TR>
<TD VALIGN="bottom" WIDTH="88%"> Insurance-Overseas General</TD>
<TR>
<TD VALIGN="bottom" WIDTH="88%"> Global Reinsurance</TD>
<TR>
<TD VALIGN="bottom" WIDTH="88%"> Financial Services</TD>
<TR>
<TD VALIGN="bottom" WIDTH="88%"> Financial Guaranty Profile</TD>
<TR>
<TD VALIGN="bottom" WIDTH="88%"> Financial Services Portfolio</TD>
<TR>
<TR>
<TD VALIGN="top" WIDTH="3%"> IV.</TD>
<TD VALIGN="bottom" WIDTH="88%"> Balance Sheet Details</TD>
<TR>
<TD VALIGN="bottom" WIDTH="88%"> Loss Reserve Rollforward</TD>
<TR>
<TD VALIGN="bottom" WIDTH="88%"> Asbestos and Environmental Reserves</TD>
<TR>
<TD VALIGN="bottom" WIDTH="88%"> Reinsurance Recoverable Analysis</TD>
<TR>
<TD VALIGN="bottom" WIDTH="88%"> Investment Portfolio</TD>
<TR>
<TD VALIGN="bottom" WIDTH="88%"> Realized and Unrealized Gains (Losses)</TD>
<TR>
<TD VALIGN="bottom" WIDTH="88%"> Capital Structure</TD>
<TR>
<TR>
<TD VALIGN="top" WIDTH="3%"> V.</TD>
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<TD VALIGN="bottom" WIDTH="88%"> 
<TR>
<TR>
<TR>
</TABLE>
Roman" SIZE="2">Other Disclosures</TD>
Roman" SIZE="2"> Non-GAAP Financial Measures and Comprehensive Income</TD>
Roman" SIZE="2"> Diluted Book Value per Ordinary Share</TD>
Roman" SIZE="2"> Statutory Accounting Principles to GAAP Reconciliation</TD>
Roman" SIZE="2"> Glossary</TD>
ALIGN="center">Consolidated Financial Highlights (in millions of
share data and ratios) (Unaudited) 
<TD VALIGN="bottom" COLSPAN="5" ALIGN="center">Three months ended Sept. 30 <HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" ROWSPAN="2" ALIGN="center"> % Change 3Q-03 vs. 3Q-02<HR SIZE="1" NOSHADE COLOR="#000000"></TD
<TD VALIGN="bottom" COLSPAN="5" ALIGN="center">Nine months ended Sept. 30 <HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" ROWSPAN="2" ALIGN="center"> % Change YTD- 03 vs. YTD-02<HR SIZE="1" NOSHADE COLOR="#000000"></TD><
<TR>
<TD VALIGN="bottom" WIDTH="5%" > </TD></TR>
<TD VALIGN="top" WIDTH="43%">Gross premiums written</TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="5%">-2%</TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="5%">15%</TD></TR>
<TR>
<TD VALIGN="top" WIDTH="43%">Net premiums written</TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="5%">4%</TD>
<TD VALIGN="top" WIDTH="43%">Net premiums earned</TD>
<TR>
<TD VALIGN="top" WIDTH="43%">Net investment income</TD>
<TD VALIGN="top" WIDTH="43%">Income excluding net realized gains (losses)</TD>
15 of 179
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<TR>
<TD VALIGN="top" WIDTH="43%">Net income</TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="5%">NM</TD>
<TD VALIGN="top" WIDTH="43%">Comprehensive income</TD>
<TR>
<TD VALIGN="top" WIDTH="43%">Operating cash flow</TD>
<TD VALIGN="top" WIDTH="43%">Combined ratio</TD>
<TR>
<TD VALIGN="top" WIDTH="43%">Loss and loss expense ratio</TD>
<TD VALIGN="bottom" WIDTH="3%" ALIGN="right">64.6%</TD>
<TD VALIGN="top" WIDTH="43%">Underwriting and administrative expense ratio</TD>
<TR>
16 of 179
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<TD VALIGN="top" WIDTH="43%">Combined ratio</TD>

<TR>
<TD VALIGN="top" WIDTH="43%">Annualized ROE</TD>
<TD VALIGN="top" WIDTH="43%">Annualized ROE, excluding FAS 115</TD>
<TR>
<TD VALIGN="top" WIDTH="43%"> Diluted earnings per share</TD>
<TD VALIGN="top" WIDTH="43%"> Income excluding net realized gains (losses)</TD>
<TR>
<TD VALIGN="top" WIDTH="43%"> Net income</TD>
<TD VALIGN="bottom" WIDTH="2%" ALIGN="right">(0.24</TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="5%">NM</TD>
<TD VALIGN="top" WIDTH="43%">Diluted book value per ordinary share</TD>
<TR>
<TD VALIGN="top" WIDTH="43%">Diluted tangible book value per ordinary share</TD>
17 of 179
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<TD VALIGN="top" WIDTH="43%"> Weighted average diluted ordinary shares outstanding</TD>
<TR>
<TD VALIGN="top" WIDTH="43%">Debt/ total capitalization</TD>
Page 1 
ALIGN="center">Consolidated ResultsConsecutive Quarters (i
 (Unaudited) 
STYLE="margin-top:0px;margin-bottom:0px">ACE Limited Consolidated 
<TR>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center">3Q-03 <HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"> YTD Full Year Consolidated Property and Casualty</TD>
<TR>
<TD VALIGN="top" COLSPAN="5" WIDTH="6%">Excluding Financial Services (1)</TD>
18 of 179
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<TR>
<TR>
19 of 179
Roman" SIZE="2">Gross premiums written</TD>
Roman" SIZE="2">Net premiums written</TD>
Roman" SIZE="2">Net premiums earned</TD>
Roman" SIZE="2">Losses and loss expenses</TD>
Roman" SIZE="2">Policy acquisition costs</TD>
8/12/11 3:49 PM

<TR>
<TD VALIGN="top" WIDTH="34%"> Administrative expenses</TD>
<TR>
<TD VALIGN="top" WIDTH="34%"> P& C Underwriting income (loss)</TD>
<TR>
<TD VALIGN="top" WIDTH="34%"> Financial Services underwriting income</TD>
20 of 179
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<TR>
<TR>
21 of 179
Roman" SIZE="2">Life underwriting income (loss) excluding investment income</TD>
Roman" SIZE="2">Net investment income</TD>
Roman" SIZE="2">Other income (expense) (2)</TD>
Roman" SIZE="2">Interest expense</TD>
8/12/11 3:49 PM
<TR>
<TD VALIGN="bottom" WIDTH="1%">$</TD>
<TD VALIGN="bottom" WIDTH="2%" ALIGN="right">304</TD>
<TD NOWRAP VALIGN="bottom" WIDTH="1%"> </TD>
<TD VALIGN="bottom" WIDTH="2%" ALIGN="right">(99</TD>
<TD NOWRAP VALIGN="bottom" WIDTH="1%">)</TD>
<TD NOWRAP VALIGN="bottom" WIDTH="1%"> </TD></TR>
<TR>
22 of 179
SIZE="2">Income tax expense (benefit)</TD>
SIZE="2">Income (loss) excluding net realized gains (losses)</TD>
SIZE="2">Net realized gains (losses)</TD>
SIZE="2">Tax effect of net realized gains (losses)</TD>
8/12/11 3:49 PM

<TR>
<TD VALIGN="top" WIDTH="34%"> Net income (loss)</TD>
<TR>
<TD VALIGN="top" WIDTH="34%"> % Change Versus Prior Year Period (1)</TD>
23 of 179
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<TR>
<TD VALIGN="bottom" WIDTH="2%" ALIGN="right">11%</TD>
<TR>
24 of 179
Roman" SIZE="2">Gross premiums written</TD>
Roman" SIZE="2">Net premiums written</TD>
Roman" SIZE="2">Net premiums earned</TD>
Roman" SIZE="2">Other Ratios (1)</TD>
8/12/11 3:49 PM

<TR>
<TD VALIGN="bottom" WIDTH="3%" ALIGN="right">-10%</TD>
<TR>
<TD NOWRAP VALIGN="bottom" WIDTH="2%" ALIGN="right">15.2%</TD>
<TD NOWRAP VALIGN="bottom" WIDTH="2%" ALIGN="right">-6.6%</TD>
<TR>
25 of 179
SIZE="2">Net premiums written/gross premiums written</TD>
SIZE="2">Effective tax rate</TD>
SIZE="2">ROE</TD>
SIZE="2">Annualized ROE</TD>
SIZE="2">Annualized ROE, excluding FAS 115</TD>
8/12/11 3:49 PM

<TD NOWRAP VALIGN="bottom" WIDTH="2%" ALIGN="right">-7.1%</TD>
</TABLE><HR WIDTH="10%" SIZE="1" NOSHADE COLOR="#000000" ALIGN="left">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top">Consolidated property and casualty excluding financial services is presented to allow for comparison and analysis with earnings guidance. <
<TR>
<TD ALIGN="left" VALIGN="top">Other income (expense) in Q2 and Q3 of 2002 includes debt prepayment expense. The tax effect in 2Q-02 was $4M and 3Q-02 was $5M. </TD></TR>
ALIGN="center">Consolidated ResultsConsecutive Quarters (i
 (Unaudited) 
STYLE="margin-top:0px;margin-bottom:0px">ACE Limited Consolidated 
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="center">3Q-03 <HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> YTD 
SIZE="1">2003<HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> YTD 
SIZE="1">2002<HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> Full Year 2002<HR SIZE="1" NOSHADE COLOR="#000000"></TD></TR>
<TD VALIGN="top" WIDTH="34%"> Combined ratio</TD>
<TR>
<TD VALIGN="top" WIDTH="34%"> Loss and loss expense ratio</TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="6%">64.6%</TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="7%">73.5%</TD></TR>
<TD VALIGN="top" WIDTH="34%"> Policy acquisition cost ratio</TD>
<TR>
<TR>
26 of 179
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<TD VALIGN="bottom" ALIGN="right" WIDTH="6%">91.4%</TD>
<TD VALIGN="bottom" ALIGN="right" WIDTH="7%">101.7%</TD></TR>
<TR>
</TABLE> Consolidated Property and
Casualty Excluding Financial Services (1) 
<TR>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"> Full Year 
<TD VALIGN="top" WIDTH="27%"> Loss and loss expense ratio</TD>
<TD VALIGN="bottom" ALIGN="right">92.4%</TD>
<TD VALIGN="top" WIDTH="27%"> Policy acquisition cost ratio</TD>
27 of 179
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<TR>
<TR>
<TD VALIGN="bottom" WIDTH="1%"> </TD>
<TD VALIGN="bottom" WIDTH="1%" ALIGN="right">91.6%</TD>
<TD VALIGN="bottom" ALIGN="right">123.7%</TD>
<TR>
<TD VALIGN="top" WIDTH="27%"> Large losses and other items</TD>
28 of 179
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<TR>
<TD VALIGN="top" WIDTH="27%"> Catastrophe losses</TD>
<TD VALIGN="bottom" ALIGN="right"> </TD>
<TD VALIGN="bottom" ALIGN="right">100</TD>
<TD NOWRAP VALIGN="bottom" WIDTH="1%">(3)</TD>
<TD NOWRAP VALIGN="bottom" WIDTH="1%">(3)</TD></TR>
<TD VALIGN="top" WIDTH="27%"> Other losses</TD>
<TD NOWRAP VALIGN="bottom" WIDTH="1%">(2)</TD></TR>
<TR>
<TD VALIGN="top" WIDTH="27%"> Prior period development (4)</TD>
</TABLE><HR WIDTH="10%" SIZE="1" NOSHADE COLOR="#000000" ALIGN="left">
<TR>
<TD ALIGN="left" VALIGN="top">Consolidated property and casualty excluding financial services is presented to allow for comparison and analysis with earnings guidance. </TD></T
<TR>
<TD ALIGN="left" VALIGN="top">Reported in press release on January 27, 2003. </TD></TR></TABLE>
<TR>
<TD ALIGN="left" VALIGN="top">Reported in press release on September 18, 2002. Total after tax of $90 million includes Overseas General and Global Reinsurance. </TD></TR></TABL
<TR>
<TD ALIGN="left" VALIGN="top">Prior period development for the Financial Services segment was favorable $2 million in 3Q-03, favorable $9 million in 2Q-03, adverse $10 million 1Q-03 a
both 4Q and 3Q 2002. Year to date 2003 is favorable $1 million compared with adverse of $27 million in 2002. Full year 2002 was adverse $30 million. </TD></TR></TABLE> <F
ALIGN="center">Computation of Basic and Diluted Earnings Per Share 
dollars, except share and per share data) (Unaudited) 
29 of 179
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<TD VALIGN="bottom" COLSPAN="6" ALIGN="center">Three months ended Sept. 30 <HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center">Nine months ended Sept. 30 <HR SIZE="1" NOSHADE COLOR="#000000"></TD>
<TR>
<TD VALIGN="top" WIDTH="43%"> Numerator</TD>
<TR>
<TD VALIGN="top" WIDTH="43%"> Income excluding net realized gains (losses)</TD>
<TD VALIGN="top" WIDTH="43%"> Perpetual preferred dividend</TD>
<TR>
<TD VALIGN="top" WIDTH="43%"> Mezzanine equity dividend</TD>
<TR>
<TD VALIGN="top" WIDTH="43%"> Income to ordinary shares, excl. net realized gains (losses)</TD>
<TR>
<TD VALIGN="top" WIDTH="43%"> Net realized gains (losses), net of income tax</TD>
<TR>
30 of 179
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<TD VALIGN="top" WIDTH="43%"> Net income available to the holders of ordinary shares</TD>
<TR>
<TR>
<TD VALIGN="top" WIDTH="43%"> Rollforward of ordinary shares</TD>
<TR>
<TD VALIGN="top" WIDTH="43%"> Ordinary sharesbeginning of period</TD>
<TD VALIGN="top" WIDTH="43%"> Mezzanine equity conversion</TD>
<TR>
<TD VALIGN="top" WIDTH="43%"> Issued under employee stock purchase plan</TD>
<TD VALIGN="top" WIDTH="43%"> Stock (cancelled) granted</TD>
<TD VALIGN="bottom" WIDTH="2%" ALIGN="right">(58,995</TD>
31 of 179
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<TR>
<TD VALIGN="top" WIDTH="43%"> Issued for option exercises</TD>
<TR>
<TD VALIGN="top" WIDTH="43%"> Ordinary sharesend of period</TD>
<TR>
<TR>
<TD VALIGN="top" WIDTH="43%"> Denominator</TD>
<TR>
<TD VALIGN="top" WIDTH="43%"> Weighted average shares outstanding</TD>
<TD VALIGN="top" WIDTH="43%"> Dilutive effect of mezzanine equity</TD>
<TR>
<TD VALIGN="top" WIDTH="43%"> Effect of other dilutive securities</TD>
32 of 179
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<TR>
<TR>
<TR>
<TR>
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-----BEGIN PRIVACY-ENHANCED MESSAGE----Proc-Type: 2001,MIC-CLEAR

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

<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>

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

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

<TD VALIGN="bottom" WIDTH="1%"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>

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

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

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

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

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

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

<TD VALIGN="bottom" WIDTH="11%" ><FONT SIZE="1">&nbsp;</FONT></TD>

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

SIZE="2">Net income available to holders of Ordinary Shares</FONT></P></TD>

SIZE="2"><B><I>Diluted earnings per share:</I></B></FONT></P></TD>

SIZE="2">Weighted average diluted shares outstanding</FONT></P></TD>

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

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<TD VALIGN="bottom" WIDTH="4%" ><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>

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

Roman" SIZE="2">Insurance&#151;North American</FONT></P></TD>

Roman" SIZE="2">Insurance&#151;Overseas General</FONT></P></TD>

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

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

<TD NOWRAP VALIGN="bottom" WIDTH="1%"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>

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Roman" SIZE="2">Insurance&#151;North American</FONT></P></TD>

Roman" SIZE="2">Insurance&#151;Overseas General</FONT></P></TD>

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

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

<TD VALIGN="bottom" WIDTH="2%" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">373</FONT></TD>

<TD VALIGN="bottom" WIDTH="4%" ><FONT SIZE="1">&nbsp;</FONT></TD>

<TD VALIGN="bottom" WIDTH="2%" ><FONT SIZE="1">&nbsp;</FONT></TD>

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

Roman" SIZE="2">&#151;&nbsp;&nbsp;Non-GAAP Financial Measures and Comprehensive Income</FONT></P></TD>

Roman" SIZE="2">&#151;&nbsp;&nbsp;Diluted Book Value per Ordinary Share</FONT></P></TD>

Roman" SIZE="2">&#151;&nbsp;&nbsp;Statutory Accounting Principles to GAAP Reconciliation</FONT></P></TD>

<TD VALIGN="bottom" WIDTH="1%"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>

<TD VALIGN="top" WIDTH="43%"><FONT FACE="Times New Roman" SIZE="2">Combined ratio</FONT></TD>

<TD VALIGN="bottom" WIDTH="1%"><FONT FACE="Times New Roman" SIZE="2">$</FONT></TD>

<TD VALIGN="top" WIDTH="34%"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New

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

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

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

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

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

<TD VALIGN="bottom" WIDTH="2%" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">281</FONT></TD>

<TD VALIGN="bottom" WIDTH="1%"><FONT FACE="Times New Roman" SIZE="2">&nbsp;</FONT></TD>

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<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"></FONT></TD>

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

<TD VALIGN="bottom" WIDTH="11%" ><FONT SIZE="1"> </FONT></TD>

<TD VALIGN="bottom" WIDTH="4%" ><FONT SIZE="1"> </FONT></TD>

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<TD VALIGN="bottom" WIDTH="4%" ><FONT SIZE="1"> </FONT></TD>

<TD VALIGN="bottom" WIDTH="2%" ><FONT SIZE="1"> </FONT></TD>

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

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

<TD VALIGN="bottom" WIDTH="4%" ><FONT SIZE="1"> </FONT></TD>

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

<TD VALIGN="bottom" WIDTH="4%" ><FONT SIZE="1"> </FONT></TD>

<TD VALIGN="bottom" WIDTH="7%" ><FONT SIZE="1"> </FONT></TD>

<TD VALIGN="bottom" WIDTH="7%" ><FONT SIZE="1"> </FONT></TD>

<TD VALIGN="bottom" WIDTH="11%" ><FONT SIZE="1"> </FONT></TD>

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

<TD VALIGN="bottom" WIDTH="11%" ><FONT SIZE="1"> </FONT></TD>