2010-04-29 ACE Limited (NYSE: ACE) 8-K

http://www.sec.gov/Archives/edgar/data/896159/000119312510097040/0001193125-10-0970...
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<SEC-DOCUMENT>0001193125-10-097040.txt : 20100429
<SEC-HEADER>0001193125-10-097040.hdr.sgml : 20100429
<ACCEPTANCE-DATETIME>20100428182538
ACCESSION NUMBER:
0001193125-10-097040
CONFORMED SUBMISSION TYPE:
8-K
PUBLIC DOCUMENT COUNT:
7
CONFORMED PERIOD OF REPORT:
20100428
ITEM INFORMATION:
Results of Operations and Financial Condition
ITEM INFORMATION:
Financial Statements and Exhibits
FILED AS OF DATE:
20100429
DATE AS OF CHANGE:
20100428
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
V8
1231
FILING VALUES:
FORM TYPE:
SEC ACT:
SEC FILE NUMBER:
FILM NUMBER:
8-K
1934 Act
001-11778
10778280
BUSINESS ADDRESS:
STREET 1:
CITY:
STATE:
ZIP:
BUSINESS PHONE:
BARENGASSE 32
ZURICH CH-8001
V8
00000
441 295 5200
MAIL ADDRESS:
STREET 1:
STREET 2:
CITY:
STATE:
ZIP:
ACE BUILDING
17 WOODBOURNE AVENUE
HAMILTON HM08
D0
00000
FORMER COMPANY:
FORMER CONFORMED NAME:
DATE OF NAME CHANGE:
</SEC-HEADER>
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<DESCRIPTION>FORM 8-K
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ACE LTD
19930122
 

 
UNITED STATES 
SECURITIES AND EXCHANGE COMMISSION 
Washington, D.C. 20549 </FO
FORM 8-K 
Current Report 
Pursuant To Section 13 or 15 (d) of the 
Securities Exchange Act of 1934 &
Date of Report (Date of earliest event reported) April 28, 2010 
 ACE LIMITED 
(Exact name of registrant as specified in its charter) 
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<TD VALIGN="top" ALIGN="center">Switzerland</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> </FO
Bärengasse 32 
Zurich CH-8001, 
Switzerland 
Telephone: +41 (0)43 456 76 00 
(Address of principal executive offices) Not applicable 
(Former name or former address, if changed since last report) 
 Check the appropriate box below if the Form 8-K f
simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): 
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<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>
<TR>
<TD ALIGN="left" VALIGN="top">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-(b)) </TD></TR></TABLE>
<TR>
<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" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
Item 2.02. Results of Operations and Financial Condition
 On April 28, 2010, ACE
release reporting its first quarter 2010 results and the availability of its first quarter 2010 financial supplement. The press release and the financial supplement are attached hereto as Exhibit 99.1 and Exhibit 99.2, re
incorporated herein by reference. 
 Financial Statements, Pro Forma Financial Information and Exhibits. 
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top">Exhibits </TD></TR></TABLE> 
<TR>
<TD></TD>
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<TD VALIGN="bottom" NOWRAP ALIGN="center"> Exhibit Number</TD>
<TD VALIGN="bottom" STYLE="border-bottom:1px solid #000000"> Description</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="right">99.1</TD>
<TD VALIGN="bottom">Press release, dated April 28, 2010, reporting first quarter 2010 results</TD></TR>
<TR>
<TR>
<TD VALIGN="top" ALIGN="right">99.2</TD>
<TD VALIGN="bottom">First Quarter 2010 Financial Supplement</TD></TR></TABLE>
SIGNATURES 

 Pursuant to the requirements of the Securities Ex
Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. <DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3">ACE LIMITED</TD></TR>
<TR>
<TR>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom"> /s/ Philip V. Bancroft</TD></TR>
<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 28, 2010 
EXHIBIT INDEX 
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<TD></TD>
<TD></TD></TR>
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<TD VALIGN="bottom" NOWRAP ALIGN="center"> Number</TD>
<TD VALIGN="bottom" STYLE="border-bottom:1px solid #000000"> Description</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000">Method of Filing</TD></TR>
<TR>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TR>
<TD VALIGN="top" ALIGN="center">99.1</TD>
<TD VALIGN="bottom"> Press release, dated April 28, 2010, reporting first quarter 2010 results</TD>
<TD VALIGN="bottom">Furnished herewith</TD></TR>
<TR>
<TR>
<TD VALIGN="top" ALIGN="center">99.2</TD>
<TD VALIGN="bottom"> First Quarter 2010 Financial Supplement</TD>
<TD VALIGN="bottom">Furnished herewith</TD></TR></TABLE>
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<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>dex991.htm
<DESCRIPTION>PRESS RELEASE
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Exhibit 99.1 
 
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<TD VALIGN="top">
<IMG SRC="g92382ex99_1a.jpg" ALT="LOGO">

</TD>
<TD VALIGN="top"> ACE Limited 
Bärengasse 32 
CH-8001 Zurich 
Switzerland</TD>
<TD VALIGN="top" NOWRAP> +41 (0)43 456 76 00 main 
+41 (0)43 456 76 01 fax 
 www.acelimited.com</TD>
<TD VALIGN="middle">
<IMG SRC="g92382ex99_1b.jpg" ALT="LOGO">
</TD></TR></TABLE> FOR IMMEDIATE RELEASE 
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<TD VALIGN="top" ALIGN="right"> Investor Contact:</TD>
<TD VALIGN="top">Helen M. Wilson</TD></TR>
<TR>
<TD VALIGN="top">(441) 299-9283</TD></TR>
<TR>
<TD VALIGN="top">helen.wilson@acegroup.com</TD></TR>
<TR>
<TR>
<TD VALIGN="top" ALIGN="right"> Media Contact:</TD>
<TD VALIGN="top">Stephen M. Wasdick</TD></TR>
<TR>
<TD VALIGN="top">(212) 827-4444</TD></TR>
<TR>
<TD VALIGN="top" NOWRAP>stephen.wasdick@acegroup.com</TD></TR></TABLE> OPERATING INCOME OF $579 MILL
 INCLUDES CATASTROPHE IMPACT OF 5.9 POINTS 
ZURICH, April 28, 2010 ACE Limited (NYSE: ACE) today reported net income for the quart
2010, of $2.22 per share, compared with $1.69 per share for the same quarter last
year.(1) Income excluding net
$1.70 per share, compared with $1.99 per share for the same quarter last
year.(2Net after-tax catastrophe losses in the first quarter of 2010 were $149 million, including reinstatement premiums, compared with $34 million for the first q
catastrophe losses are an increase from the $125 million in after-tax losses reported on March 18, entirely due to the addition of late-quarter storms in Perth, Australia, and the northeastern United States. Book val
during the quarter, up 5% from December 31, 2009. Book value per share now stands at $60.94, an increase of 4%. Annualized operating return on average equity for the quarter was
12.0%.(3 The property and casualty (P&C) combined ratio for the quarter was 92.8%. 
First Quarter Summary 
(in millions, except per share amounts) 
(Unaudited) 
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<TD COLSPAN="2" VALIGN="bottom"> </TD>
<TD VALIGN="bottom" COLSPAN="8" ALIGN="center" STYLE="border-bottom:1px solid #000000">(Per Share - Diluted)</TD>
<TD VALIGN="bottom"> </TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">2010</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000">Change</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000">Change</TD>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> Net income </TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">755</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom">33</TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom">% </TD>
<TD VALIGN="bottom" ALIGN="right">2.22</TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom">% </TD></TR>
<TR>
<TR>
<TD VALIGN="top"> Net realized gains (losses), net of tax </TD>
<TD VALIGN="bottom"> </TD>
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<TD VALIGN="bottom" ALIGN="right">(102</TD>
<TD NOWRAP VALIGN="bottom">) </TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom">NM</TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">(0.30</TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"> </TD></TR>
<TR>
<TD VALIGN="top"> Income excluding net realized gains (losses), net of tax
(2)</TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom">(13</TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom">)% </TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom">(15</TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom">)% </TD></TR></TABLE>
Evan G. Greenberg, Chairman and Chief Executive Officer of ACE Limited, commented: ACE had a good
first quarter and start to 2010. We produced strong operating results and grew book value per share by 4%. Our operating ROE was 12.0%. 
While the quarter was marked by an unusually large number of natural catastrophes globally, we recorded an excellent co
catastrophe losses representing about six points on the combined ratio and less than 1% of book value. I believe this demonstrates ACEs underwriting discipline, risk management, and broad product and geographic
 We face the challenging effects of a slow economic recovery as well as a competitive insurance market.&nbsp
company, however, are good and we are well positioned. We had a current accident year combined ratio excluding catastrophes of 90.2% and grew net premiums written 4%, aided by a steady customer renewal
positive foreign exchange impact. In spite of the challenging economic and market conditions, we see meaningful opportunity in many places around the world where we have both capability and presence. Operating highlights for the quarter ended March 31, 2010, were as follows
(1): 
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<TD WIDTH="5%"> </TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"></TD>
<TD WIDTH="1%" VALIGN="top"> </TD>
<TD ALIGN="left" VALIGN="top"> Net premiums written and earned increased 4% and 3%, respectively. Excluding the impact of foreign exchange, net premiums w
net premiums earned decreased 1%. </TD></TR></TABLE> 
<TR>
<TD ALIGN="left" VALIGN="top"> The P&C combined ratio was 92.8% compared with 87.5% last year. The accident year combined ratio excluding catastrophe
2010 and 88.6% in 2009. </TD></TR></TABLE> 
<TR>
<TD ALIGN="left" VALIGN="top"> Total catastrophe losses were $173 million including reinstatement premiums. Net after-tax catastrophe losses were $149 mil
million for the first quarter of 2009. Losses from late-quarter storms in Perth, Australia, and the northeastern United States were $32 million after-tax. </TD></TR></TABLE>
<TR>
<TD ALIGN="left" VALIGN="top"> Favorable prior period development pre-tax was $96 million, including $41 million of 2009 crop insurance favorable developm
million in 2009. </TD></TR></TABLE> 
<TR>
<TD ALIGN="left" VALIGN="top"> The expense ratio excluding the impact of the annual crop insurance profit-sharing commission, catastrophe-related reinstat
for foreign exchange, was 29.1% compared with 28.4% last year. </TD></TR></TABLE> 
<TR>
<TD ALIGN="left" VALIGN="top"> Pre-tax underwriting income excluding Life was $209 million compared with $357 million in 2009. </TD></TR></TABL
<TR>
<TD ALIGN="left" VALIGN="top"> Operating cash flow was $823 million. </TD></TR></TABLE> 
<TD ALIGN="left" VALIGN="top"> Net loss reserves increased $28 million. Excluding foreign exchange valuation, net loss reserves increased $228 million. </
<TR>
<TD ALIGN="left" VALIGN="top"> Net investment income remained flat at $504 million. </TD></TR></TABLE> 
<TD ALIGN="left" VALIGN="top"> Annualized operating return on average equity was
12.0%.(3) </TD></TR
<TR>
<TD ALIGN="left" VALIGN="top"> Book value per
share(4) increased 4% from $58.44 at December 31, 2009, to $60.94. </TD></TR></
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<TD ALIGN="left" VALIGN="top"> Tangible book value per
share(4) increased 6% from $46.76 at December 31, 2009, to $49.48. </TD></TR></
<TR>
<TD ALIGN="left" VALIGN="top"> Net realized and unrealized gains after tax from our investment portfolio totaled approximately $467 million. </
Details of our financial results for our business segments are available in the ACE Limited Financial Supplement. Key segment
March 31, 2010, include: 
<TR>
<TD ALIGN="left" VALIGN="top"> Insurance-North American: Net premiums written remained flat. The combined ratio was 90.7% compared with 88.2%. 
<TR>
<TD ALIGN="left" VALIGN="top"> Insurance-Overseas General: Net premiums written increased 7%. Adjusting for the impact of foreign exchange, they remained
95.0% compared with 88.7%. </TD></TR></TABLE> 
Page 2/7 

<TR>
<TD ALIGN="left" VALIGN="top"> Global Reinsurance: Net premiums written increased 3%. The combined ratio was 78.8% compared with 63.0%. </TD></
<TR>
<TD ALIGN="left" VALIGN="top"> Life: Net premiums written increased 11%. Operating income increased to $72 million compared with $53 million. <
Please refer to the ACE Limited Financial Supplement dated March 31, 2010, which is posted on the companys website
section, and access Financial Reports for more detailed information on individual segment performance, together with additional disclosure on reinsurance recoverable, loss reserves, investment portfolio and capital struct
http://media.corporate-ir.net/media_files/irol/10/100907/fin_supp_march 31 2010.xls. ACE will host its fir
conference call and webcast on Thursday, April 29, 2010, beginning at 8:30 a.m. ET. The earnings conference call will be available via live and archived webcast at www.acelimited.com or by dialing 888-466-4587
or 719-325-2100 (international); passcode 4788766. Please refer to the ACE Limited website in the Investor Information section under Calendar of Events for details. A replay of the call will be available for approximately
to the replay, dial: 888-203-1112 (in the United States) or 719-457-0820 (international); passcode 4788766. 
insuring progress, the ACE Group is a global leader in insurance and reinsurance serving a diverse group of clients. Headed by ACE Limited (NYSE:ACE), the ACE Group conducts its business on a worldwide basis with operatin
50 countries. Additional information can be found at: www.acelimited.com 
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">()</TD>
<TD ALIGN="left" VALIGN="top"> All comparisons are with the same period last ye
stated. </TD></TR></TABLE> 
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top"> Non-GAAP Financial Measures: <
Operating Income or Income excluding net realized gains (losses), net of tax is a common performance me
companies. 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 (losses) and net realiz
in Other income (expense) related to partially-owned entities because the amounts of these gains (losses) do not relate to their respective operations. 
Underwriting income is calculated by subtracting losses and loss expenses, policy benefits, policy acqu
administrative expenses from net premiums earned. We use underwriting income and operating ratios to monitor the results of our operations without the impact of certain factors, including net investment income, other inco
income tax expense and net realized gains (losses). Life underwriting income includes net investment income. We believe the use of these measures enhances the understanding of our results of operations by highlighting the
our insurance business. See reconciliation of Non-GAAP Financial Measures on page 28 in the financ
measures should not be viewed as a substitute for net income determined in accordance with generally accepted accounting principles (GAAP). 
<TR>
<TD ALIGN="left" VALIGN="top"> Calculated using income excluding net rea
by average shareholders equity for the period excluding unrealized gains (losses) on investments and the deferred tax component included in shareholders equity. To annualize a quarterly rate, multiply by four.
</TD></TR></TABLE> 
<TR>
<TD ALIGN="left" VALIGN="top"> Book value per common share is shareholde
the shares outstanding. Tangible book value per common share is shareholders equity less goodwill and other intangible assets divided by the shares outstanding. </TD></TR></TABLE>
NM not meaningful comparison 
Cautionary Statement Regarding Forward-Looking Statements: 
Forward-looking statements made in this press release, such as those related to economic outlook, insurance market conditio
reflect the companys 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 state
uncertainties, which may cause actual 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 po
of new and renewal business achieved, the frequency of unpredictable catastrophic events, actual loss experience, uncertainties in the reserving or settlement process, integration activities and performance of acquired co
liability, judicial, legislative, regulatory and other governmental developments, litigation tactics and developments, investigation developments and actual settlement terms, the amount and timing of reinsurance reco
among reinsurers, rating agency action, possible terrorism or the outbreak and effects of war, and economic, political, regulatory, insurance and reinsurance business conditions, as well as managements response to t
factors identified in the companys filings with 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
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, except per share data) 
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<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">March 31 2010</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">December 31 2009</TD></TR>
<TD VALIGN="top"> Assets </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> Investments </TD>
<TD VALIGN="bottom" ALIGN="right">47,739</TD>
<TD VALIGN="bottom" ALIGN="right">46,515</TD></TR>
<TD VALIGN="top"> Cash </TD>
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<TD VALIGN="bottom" ALIGN="right">669</TD></TR>
<TR>
<TD VALIGN="top"> 
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000"> </TD></TR>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000"> </TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000"> </TD></TR>
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SIZE="2">Insurance and reinsurance balances receivable </TD>
SIZE="2">Reinsurance recoverable on losses and loss expenses </TD>
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">Other liabilities </TD>
SIZE="2">Total liabilities </TD>
SIZE="2">Shareholders equity </TD>
SIZE="2">Total shareholders equity </TD>
SIZE="2">Total liabilities and shareholders equity </TD>
8/15/11 11:58 AM
<TR>
<TD VALIGN="top"> Book value per common share
(4)</TD>
<TD VALIGN="bottom" ALIGN="right">58.44</TD></TR></TABLE> 
Summary Consolidated Financial Data 
(in millions of U.S. dollars, except share, per share data, and ratios) 
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<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1px solid #000000">Three Months Ended March 31</TD>
<TR>
<TD VALIGN="top"> Gross premiums written </TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR>
<TD VALIGN="top"> Net premiums written </TD>
<TD VALIGN="top"> Net premiums earned </TD>
<TR>
<TR>
<TD VALIGN="top"> Losses and loss expenses </TD>
<TD VALIGN="top"> Policy benefits </TD>
<TR>
<TD VALIGN="top"> Policy acquisition costs </TD>
<TD VALIGN="top"> Administrative expenses </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Underwriting income
(2) </TD>
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<TD VALIGN="top"> Net investment income </TD>
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<TR>
<TD VALIGN="top"> Net realized gains (losses) </TD>
<TD NOWRAP VALIGN="bottom">) </TD></TR>
<TD VALIGN="top"> Interest expense </TD>
<TR>
<TD VALIGN="top"> Other income (expense) </TD>
<TD VALIGN="top"> Income tax expense </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Net income available to holders of common shares </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Diluted earnings per share: </TD>
<TR>
<TD VALIGN="top"> Income excluding net realized gains (losses)
(2) </TD>
<TD VALIGN="top"> Net income </TD>
<TR>
<TR>
<TD VALIGN="top"> Weighted average diluted shares outstanding </TD>
<TR>
<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>
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<TD VALIGN="top"> Administrative expense ratio </TD>
<TD> </TD>
<TD> </TD></TR>
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<TD VALIGN="top"> Combined ratio </TD>
<TD> </TD>
<TD> </TD></TR></TABLE> 
Consolidated Supplemental Segment Information 
(in millions of U.S. dollars) 
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<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
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<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1px solid #000000">Three Months Ended March 31</TD>
<TR>
<TD VALIGN="top"> Gross Premiums Written </TD>
<TR>
<TD VALIGN="top"> Insurance - North American </TD>
<TD VALIGN="top"> Insurance - Overseas General </TD>
<TR>
<TD VALIGN="top"> Global Reinsurance </TD>
<TD VALIGN="top"> Life </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Total </TD>
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<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> 
<TR>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TD> </TD>
<TD> </TD></TR>
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Roman" SIZE="2">Net Premiums Written </TD>
Roman" SIZE="2">Insurance - North American </TD>
Roman" SIZE="2">Insurance - Overseas General </TD>
Roman" SIZE="2">Global Reinsurance </TD>
Roman" SIZE="2">Life </TD>
Roman" SIZE="2">Total </TD>
Roman" SIZE="2">Net Premiums Earned </TD>
Roman" SIZE="2">Insurance - North American </TD>
Roman" SIZE="2">Insurance - Overseas General </TD>
Roman" SIZE="2">Global Reinsurance </TD>
Roman" SIZE="2">Life </TD>
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<TR>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Income Excluding Net Realized Gains (Losses)
(2)
</TD>
<TR>
<TD VALIGN="top"> Insurance - North American </TD>
<TD VALIGN="top"> Insurance - Overseas General </TD>
<TR>
<TD VALIGN="top"> Global Reinsurance </TD>
<TD VALIGN="top"> Life </TD>
<TR>
<TD VALIGN="top"> Corporate </TD>
<TD> </TD>
<TD> </TD></TR>
<TD> </TD>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>dex992.htm
<DESCRIPTION>FIRST QUARTER 2010 FINANCIAL SUPPLEMENT
<TEXT>
<HTML><HEAD>
<TITLE>First Quarter 2010 Financial Supplement</TITLE>
</HEAD>
Exhibit 99.2 

<IMG SRC="g92382ex99-2pg1.jpg" ALT="LOGO"> 
<TR>
<TR>
<TD VALIGN="top">Investor Contact</TD>
<TR>
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<TR>
<TD VALIGN="top"> Helen M. Wilson Fax: (441) 292-8675</TD>
<TD VALIGN="bottom">This report is for informational purposes only. It should be read in conjunction with documents filed by ACE Limited with the Securities and Exchange
most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.</TD></TR>
<TR>
<TR>
<TD VALIGN="top">email: investorrelations@acegroup.com</TD>
<TD VALIGN="bottom">Cautionary Statement Regarding Forward-Looking Statements:</TD></TR>
<TR>
<TR>
<TD VALIGN="bottom">Any forward-looking statements made in this financial supplement reflect the companys current views with respect to future events and financial
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, regulatory and other governmental developments, litigation tactics and developments, investigation developments and actual settlement term
reinsurance receivable and credit developments among reinsurers.</TD></TR>
<TR>
<TR>
<TD VALIGN="bottom">The companys forward-looking statements could also be affected by competition, pricing and policy term trends, market acceptance, changes in dem
developments, rating agency action, possible terrorism or the outbreak and effects of war. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates on which t
undertakes no obligation to 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="bottom">
<IMG SRC="g92382ex99-2_pg2to33.jpg" ALT="LOGO">
</TD>
<TD VALIGN="bottom" ALIGN="center"> ACE Limited
Financial Supplement Table of Contents</TD>
<TD VALIGN="bottom"></TD></TR></TABLE> 
<TR>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000">Page</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="bottom">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 and Income Excluding Net Realized Gains (Losses) by Line of Business</TD>
<TR>
<TD VALIGN="bottom">- Consolidating Statement of Operations</TD>
<TR>
<TD VALIGN="bottom">- Catastrophe Loss Charges</TD>
<TR>
<TR>
<TD VALIGN="bottom">III.</TD>
<TD VALIGN="bottom">Segment Results</TD>
<TR>
<TD VALIGN="bottom">- Insurance - North American</TD>
<TR>
<TD VALIGN="bottom">- Insurance - Overseas General</TD>
<TR>
12 of 143
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<TD VALIGN="bottom">- Global Reinsurance</TD>
<TR>
<TD VALIGN="bottom">- Life</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">12 -13</TD></TR>
<TR>
<TR>
<TD VALIGN="bottom">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">- Net 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="bottom">V.</TD>
<TD VALIGN="bottom">Other Disclosures</TD>
<TR>
<TD VALIGN="bottom">- Non-GAAP Financial Measures</TD>
<TR>
<TD VALIGN="bottom">- Book Value and Book Value per Common Share</TD>
<TR>
<TD VALIGN="bottom">- Comprehensive Income</TD>
<TR>
<TD VALIGN="bottom">- Glossary</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">31</TD></TR></TABLE>
<TR>
<TR>
<TD VALIGN="top" ROWSPAN="4">
</TD>
<TD VALIGN="bottom" ALIGN="center">ACE Limited</TD>
<TR>
<TD VALIGN="bottom" ALIGN="center">Consolidated Financial Highlights</TD>
<TR>
<TD VALIGN="bottom" ALIGN="center">(in millions of U.S. dollars, except share, per share data, and ratios)</TD>
<TR>
<TD VALIGN="bottom" ALIGN="center">(Unaudited)</TD>
<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
13 of 143
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<TD></TD>
<TD></TD></TR>
<TR>
<TD ROWSPAN="2" VALIGN="bottom"> </TD>
<TD VALIGN="bottom" COLSPAN="6" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000">Three months
ended March 31</TD>
<TD VALIGN="bottom" ROWSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000">% Change 1Q-09</TD>
<TD VALIGN="bottom" ROWSPAN="2"> </TD>
<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000">Constant $ (2)</TD>
<TD VALIGN="bottom" ROWSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000">% Change 1Q-09 (2)</TD>
<TD VALIGN="bottom" ROWSPAN="2"> </TD></TR>
<TR>
<TR>
<TD VALIGN="top"> Gross premiums written</TD>
<TR>
<TR>
<TD VALIGN="top"> Net premiums written</TD>
<TR>
<TD VALIGN="top"> Net premiums earned</TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom">-1</TD>
<TR>
<TR>
<TD VALIGN="top"> Net investment income</TD>
<TR>
<TD VALIGN="top"> Net income</TD>
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<TR>
<TR>
<TR>
<TD VALIGN="top"> Comprehensive income</TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"> </TD>
<TR>
<TR>
<TD VALIGN="top"> Operating cash flow</TD>
<TR>
<TD VALIGN="top"> Combined ratio</TD>
<TR>
<TD VALIGN="top"> Loss and loss expense ratio</TD>
<TD VALIGN="top"> Underwriting and administrative expense ratio</TD>
15 of 143
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<TD> </TD>
<TD> </TD>
<TR>
<TR>
<TR>
<TR>
<TR>
<TR>
<TR>
16 of 143
Roman" SIZE="2">Combined ratio</TD>
Roman" SIZE="2">Annualized ROE*</TD>
Roman" SIZE="2">Annualized ROE on net income</TD>
Roman" SIZE="2">Effective tax rate on income excluding net realized gains (losses)</TD>
Roman" SIZE="2">Diluted earnings per share</TD>
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<TD VALIGN="top"> Income excluding net realized gains
(losses)(1)</TD>
<TR>
<TR>
<TD VALIGN="top"> Book value per common share</TD>
<TR>
<TD VALIGN="top"> Tangible book value per common share</TD>
<TD VALIGN="top"> Weighted average basic common shares outstanding</TD>
<TR>
<TD VALIGN="top"> Weighted average diluted common shares outstanding</TD>
<TD VALIGN="top"> Debt/total capitalization</TD>
<TD VALIGN="bottom"></TD></TR></TABLE> 
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
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<TD ALIGN="left" VALIGN="top">See Non-GAAP Financial Measures. </TD></TR></TABLE> 
<TR>
<TD ALIGN="left" VALIGN="top">Prior year on a constant dollar basis. </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> 
<TD WIDTH="100%"> Financial Highlights </TD>
<TD> Page 1 </TD></TR></TABLE>
<TR>
<TR>
</TD>
<TR>
<TD VALIGN="bottom" ALIGN="center">Consolidated Results - Consecutive Quarters</TD>
<TR>
<TD VALIGN="bottom" ALIGN="center"> (in millions of U.S. dollars)
(Unaudited)</TD>
<TD VALIGN="bottom"></TD></TR></TABLE> ACE
 
<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="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">1Q-10</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000">Full Year 2009</TD>
<TD VALIGN="top"> Consolidated Results Excluding Life Segment</TD>
<TR>
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<TR>
<TD VALIGN="top"> Losses and loss expenses</TD>
<TR>
<TD VALIGN="top"> Policy benefits</TD>
<TD VALIGN="bottom" ALIGN="right"> </TD>
<TD VALIGN="top"> Policy acquisition costs</TD>
<TR>
<TD VALIGN="top"> Administrative expenses</TD>
19 of 143
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
20 of 143
SIZE="2">Underwriting income excluding Life segment</TD>
SIZE="2">Life underwriting income excluding investment income</TD>
SIZE="2">Net investment income</TD>
SIZE="2">Net realized gains (losses)</TD>
SIZE="2">Interest expense</TD>
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<TR>
<TD VALIGN="top"> Other income (expense)
<TD VALIGN="top"> Income tax expense</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Net realized gains (losses)</TD>
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<TR>
<TD VALIGN="top"> Net realized gains (losses) in other income
(expense) (1)</TD>
<TD VALIGN="top"> Tax expense (benefit) on net realized gains (losses)</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> % Change versus prior year
period(3)</TD>
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<TR>
<TD VALIGN="bottom" ALIGN="right">-5</TD>
<TR>
<TR>
<TR>
23 of 143
Roman" SIZE="2">Net premiums written</TD>
Roman" SIZE="2">Net premiums earned</TD>
Roman" SIZE="2">Net premiums written constant $</TD>
Roman" SIZE="2">Net premiums earned constant $</TD>
Roman" SIZE="2">Other ratios</TD>
8/15/11 11:58 AM
<TD VALIGN="top"> Net premiums written/gross premiums written</TD>
<TR>
<TD VALIGN="top"> Effective tax rate on income excluding net realized gains (losses)</TD>
<TR>
<TD VALIGN="top"> Combined ratio
(3)</TD>
<TR>
<TD VALIGN="top"> Policy acquisition cost ratio</TD>
<TR>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
25 of 143
Roman" SIZE="2">Administrative expense ratio</TD>
Roman" SIZE="2">Expense ratio</TD>
Roman" SIZE="2">Expense ratio excluding A&H</TD>
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<TR>
<TR>
<TD VALIGN="top"> Large losses and other items (before tax)
<TD VALIGN="top"> Reinstatement premiums (expensed) collected</TD>
<TR>
<TD VALIGN="top"> Catastrophe losses</TD>
<TD VALIGN="top"> Prior period development excluding Life - unfavorable (favorable)
<TR>
<TD VALIGN="top"> Loss and loss expense ratio excluding catastophe losses and prior period development</TD>
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<TD NOWRAP VALIGN="bottom">% </TD></TR></TABLE> 
<TR>
<TD ALIGN="left" VALIGN="top">Net realized investment and derivative losses related to unconsolidated entities. </TD></TR></TABLE>
 
<TR>
<TR>
<TD ALIGN="left" VALIGN="top">Presented excluding the Life segment to allow for comparison and analysis with earnings guidance. This is a non-GAAP measure. </TD></
<TR>
<TD ALIGN="left" VALIGN="top">For Q1 2010, prior period favorable development is net of $45 million for the annual crop insurance profit-sharing commission that is includ
</TD></TR></TABLE> 
<TR VALIGN="TOP">
<TD WIDTH="100%"> Consolidated Results </TD>
<TD> Page 2 </TD></TR></TABLE>
<TR>
<TR>
<TD VALIGN="top">

</TD>
Consolidated Results - Consecutive Quarters
(in millions of U.S. dollars)
<TD VALIGN="bottom"></TD></TR></TABLE> ACE
Adjusted to Exclude the Impact of Reinstatement Premiums (RIPS), Crop Insurance Profit-Sharing Commission and Foreign Exchange </
<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="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">RIPS & CROP</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Adjusted 1Q-10</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">FX</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Adjusted 1Q-09</TD>
<TR>
27 of 143
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<TD NOWRAP VALIGN="bottom" ALIGN="right"> </TD>
<TR>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" ALIGN="right">(45
</TD>
<TD NOWRAP VALIGN="bottom">)(1)</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Underwriting income excluding Life segment</TD>
<TD VALIGN="bottom" ALIGN="right">-1.7</TD>
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<TD NOWRAP VALIGN="bottom" ALIGN="right">0.4</TD>
<TR>
<TD VALIGN="top"> Administrative expense ratio</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Expense ratio</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR></TABLE>
<TR>
<TD ALIGN="left" VALIGN="top">For Q1 2010, prior period favorable development of $96 million is net of $45 million for the annual crop insurance profit-sharing commission
expense ratio. </TD></TR></TABLE> 
<TR>
<TR>
<TD VALIGN="top"> Consolidated Results 2</TD>
<TD VALIGN="bottom" ALIGN="right">Page 3</TD></TR></TABLE>
<TR>
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<TR>
<TD VALIGN="top">
</TD>
Summary Consolidated Balance Sheets
(in millions of U.S. dollars, except per share data)</TD>
<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">December 31 2009</TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center">(Unaudited)</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center">(Unaudited)</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>
<TR>
<TD VALIGN="top"> Equity securities, at fair value</TD>
<TD VALIGN="top"> Short-term investments, at fair value</TD>
<TR>
<TD VALIGN="top"> Other investments</TD>
<TD VALIGN="top"> Total investments</TD>
<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 on losses and loss expenses</TD>
<TR>
<TD VALIGN="top"> Deferred policy acquisition costs</TD>
<TD VALIGN="top"> Value of business acquired</TD>
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<TR>
<TR>
<TR>
<TR>
<TR>
<TR>
<TR>
<TR>
<TR>
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SIZE="2">Prepaid reinsurance premiums</TD>
SIZE="2">Goodwill and other intangible assets</TD>
SIZE="2">Deferred tax assets</TD>
SIZE="2">Investments in partially owned insurance companies</TD>
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</TD>
SIZE="2">Insurance and reinsurance balances payable</TD>
SIZE="2">Securities lending payable</TD>
SIZE="2">Payable for securities purchased</TD>
SIZE="2">Accounts payable, accrued expenses, and other liabilities</TD>
SIZE="2">Short-term debt</TD>
SIZE="2">Long-term debt</TD>
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<TR>
<TD VALIGN="top"> Trust preferred securities</TD>
<TD VALIGN="top"> Total liabilities</TD>
<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>
<TD VALIGN="top"> Total shareholders equity</TD>
<TR>
<TD VALIGN="top"> Total liabilities and shareholders equity</TD>
<TD VALIGN="top"> Book value per common share
<TD VALIGN="bottom" ALIGN="right">58.44</TD></TR>
<TR>
<TD VALIGN="top"> Tangible book value per common share
<TD VALIGN="bottom" ALIGN="right">46.76</TD></TR></TABLE> 
<TR>
<TD ALIGN="left" VALIGN="top">See Non-GAAP Financial Measures. </TD></TR></TABLE> 
<TR>
<TR>
<TD VALIGN="top"> Consol Bal Sheet</TD>
<TR>
<TR>
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</TD>
<TD VALIGN="bottom" ROWSPAN="4" ALIGN="center"> ACE Limited
Consolidated Premiums and Income Excluding
Net Realized Gains (Losses) by Line of Business
<TD ROWSPAN="4" VALIGN="bottom"></TD></TR>
<TR>
<TR>
<TR>
<TD VALIGN="bottom"> </TD></TR></TABLE> 
<TR>
<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" ALIGN="center" STYLE="border-bottom:1px solid #000000">% of Total Consolidated</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000">% of Total Consolidated</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000">% Change 1Q-10 vs. 1Q-09</TD>
<TD VALIGN="top"> Net premiums written</TD>
<TR>
<TD VALIGN="top"> Property and all other</TD>
<TD VALIGN="top"> Casualty</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Subtotal</TD>
<TD VALIGN="top"> Personal accident (A&H)
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<TR>
<TD VALIGN="top"> Life
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Total consolidated</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Add: Life deposits on investment contracts</TD>
<TD> </TD></TR>
<TD VALIGN="top"> Non-GAAP total net premium written</TD>
<TD> </TD></TR>
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<TR>
<TD VALIGN="top"> Net premiums earned</TD>
<TD VALIGN="top"> Property and all other</TD>
<TR>
<TD VALIGN="top"> Casualty</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
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<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Income excluding net realized gains (losses)</TD>
<TR>
<TD VALIGN="top"> Property, casualty, and all other</TD>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR></TABLE> 
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<TR>
<TD ALIGN="left" VALIGN="top">Consolidated A&H includes Combined Insurance which is reported in the Insurance - Overseas General and Life segments. </TD></TR><
<TR>
<TD ALIGN="left" VALIGN="top">Excludes the North America A&H business from Combined Insurance which is included in the Life segment. </TD></TR></TABLE>
<TR>
<TR>
<TD VALIGN="top"> Line of Business</TD>
<TR>
<TR>

</TD>
Consolidated Premiums and Income Excluding
Net Realized Gains (Losses) by Line of Business,
Adjusted for Foreign Exchange
<TR>
<TR>
<TR>
<TD VALIGN="bottom"> </TD></TR></TABLE> 
<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Constant $ 1Q-09 </TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000">Constant $ % Change 1Q-10 vs. 1Q-09
<TD VALIGN="top"> Net premiums written</TD>
<TR>
<TR>
<TD> </TD></TR>
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<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Net premiums earned</TD>
<TR>
<TD> </TD></TR>
<TR>
<TD> </TD></TR>
<TD VALIGN="top"> Income excluding net realized gains (losses)</TD>
<TR>
<TR>
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<TD> </TD></TR>
<TR>
<TD ALIGN="left" VALIGN="top">Consolidated A&H includes Combined Insurance which is reported in the Insurance - Overseas General and Life segments. </TD></TR><
<TR>
<TD ALIGN="left" VALIGN="top">Excludes the North America A&H business from Combined Insurance which is included in the Life segment. </TD></TR></TABLE>
<TR>
<TD ALIGN="left" VALIGN="top">Prior year on a constant dollar basis. </TD></TR></TABLE> 
<TR>
<TD VALIGN="top">Line of Business 2</TD>
<TR>
<TR>
</TD>
Consolidating Statement of Operations
Three months ended March 31, 2010 and 2009
<TR>
<TR>
<TR>
<TR>
<TD VALIGN="bottom"> </TD></TR></TABLE> 
<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></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Insurance - North American</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Insurance - Overseas General</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Global Reinsurance</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Corporate & Other</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Consolidated Excluding Life Segment</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Life</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">ACE Consolidated</TD>
<TD VALIGN="top"> March 31, 2010</TD>
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<TR>
<TR>
<TR>
40 of 143
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<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Underwriting income (loss)</TD>
<TR>
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<TR>
<TD VALIGN="top"> Interest expense</TD>
<TD VALIGN="top"> Other income (expense)</TD>
<TR>
<TD VALIGN="top"> Income tax expense (benefit)</TD>
<TD> </TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Net
<TR>
<TR>
<TD VALIGN="top"> Tax
<TD> </TD>
<TD> </TD>
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income (loss)</TD>
realized gains (losses)</TD>
realized gains (losses) in other income (expense)</TD>
expense (benefit) on net realized gains (losses)</TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Income (loss) excluding net realized gains (losses)
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> March 31, 2009</TD>
<TR>
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<TR>
<TR>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Underwriting income (loss)</TD>
<TR>
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<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Net income (loss)</TD>
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<TR>
<TD VALIGN="top"> Net realized gains (losses) in other income (expense)</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Income (loss) excluding net realized gains (losses)
<TD> </TD>
<TD> </TD>
<TD> </TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Income (loss) excluding net realized gains (losses), constant $
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TR>
<TR>
<TD ALIGN="left" VALIGN="top">Prior year on a constant dollar basis. </TD></TR></TABLE> 
<TR>
<TD VALIGN="top">Segment 2010 Qtr</TD>
<TR>
<TR>

</TD>
Segment Results - First Quarter Catastrophe Loss Charges
<TR>
<TR>
<TR>
First Quarter Catastrophe Loss Charges - 2010 
<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" NOWRAP> Catastrophe Loss Charges- By Event</TD>
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<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Insurance - North American</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Insurance - Overseas General</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Global Reinsurance</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Total</TD>
<TD VALIGN="top"> Gross loss</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">425</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR>
<TD VALIGN="top"> Net loss</TD>
<TD VALIGN="top"> Haiti earthquake</TD>
<TR>
<TD VALIGN="top"> Chile earthquake</TD>
<TD VALIGN="top"> France windstorm</TD>
<TR>
<TD VALIGN="top"> Australia storms</TD>
<TD VALIGN="top"> U.S. catastrophes</TD>
<TR>
<TD VALIGN="top"> Other
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
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SIZE="2">Total</TD>
SIZE="2">Reinstatement premiums (expensed) collected</TD>
SIZE="2">Net premium earned (expensed)</TD>
SIZE="2">Total impact before income tax</TD>
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<TD VALIGN="top"> Income tax benefit</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Total impact after income tax</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Effective tax rate</TD>
<TR>
<TD ALIGN="left" VALIGN="top">Primarily includes catastrophes in Madeira and French Polynesia. </TD></TR></TABLE> 
<TR>
<TD VALIGN="top">Catastrophe Losses</TD>
<TR>
<TR>
</TD>
Segment Results - Consecutive Quarters
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<TR>
<TR>
<TR>
Insurance - North American <
<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="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Full Year 2009</TD>
<TR>
<TR>
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<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
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SIZE="2">Policy acquisition costs</TD>
SIZE="2">Administrative expenses</TD>
SIZE="2">Underwriting income</TD>
8/15/11 11:58 AM

<TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
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<TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
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Roman" SIZE="2">Combined ratio</TD>
Roman" SIZE="2">Loss and loss expense ratio</TD>
Roman" SIZE="2">Policy acquisition cost ratio</TD>
8/15/11 11:58 AM
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Combined ratio</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Large losses and other items (before tax)</TD>
<TR>
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<TR>
<TD VALIGN="top"> Prior period development - unfavorable
(favorable) (2) </T
<TR>
<TR>
<TD VALIGN="top"> % Change versus prior year period</TD>
<TR>
<TR>
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<TD VALIGN="top"> Other ratios</TD>
<TR>
<TR>
<TR>
<TD ALIGN="left" VALIGN="top">For Q1 2010, prior period favorable development is net of $45 million for the annual crop insurance profit-sharing commission that is includ
<TR>
<TR>
<TD VALIGN="top">Insurance-North American</TD>
<TR>
<TR>

</TD>
<TR>
<TR>
<TR>
Insurance - Overseas General 
<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>
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<TR>
<TR>
<TR>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
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<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
63 of 143
SIZE="2">Other income (expense)</TD>
SIZE="2">Income tax expense</TD>
SIZE="2">Net income</TD>
SIZE="2">Net realized gains (losses) in other income (expense)</TD>
8/15/11 11:58 AM

<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
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<TR>
<TD VALIGN="top"> Administrative expense ratio</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Combined ratio</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
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<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TD VALIGN="top"> Prior period development - unfavorable (favorable)</TD>
<TR>
<TR>
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<TR>
<TR>
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Roman" SIZE="2">Net premiums written as reported</TD>
Roman" SIZE="2">Net premiums earned as reported</TD>
Roman" SIZE="2">Net premiums written constant $</TD>
Roman" SIZE="2">Net premiums earned constant $</TD>
Roman" SIZE="2">Underwriting income constant $</TD>
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<TR>
<TD VALIGN="top" COLSPAN="4"> Income excluding net realized gains (losses), constant $</TD>
<TD VALIGN="top"> </TD>
<TR>
<TR>
<TR>
<TR>
<TR>
<TD VALIGN="top">Insurance-Overseas General</TD>
<TR>
<TR>
</TD>
<TR>
<TR>
<TR>
Global Reinsurance 
<TR>
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<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>
<TR>
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<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
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<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
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<TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
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Roman" SIZE="2">Loss and loss expense ratio</TD>
Roman" SIZE="2">Policy acquisition cost ratio</TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TR>
<TR>
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<TR>
<TR>
<TR>
<TR>
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<TR>
<TR>
<TD VALIGN="top">Global Reinsurance</TD>
<TR>
<TR>
</TD>
<TR>
<TR>
<TR>
Life 
<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"> Gross premiums
written (1)</TD>
<TR>
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<TR>
<TR>
<TR>
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SIZE="2">Net premiums earned</TD>
SIZE="2">Losses and loss expenses</TD>
SIZE="2">Policy benefits</TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Life underwriting income
<TR>
<TR>
<TR>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TR>
<TD VALIGN="top"> Tax
<TD> </TD>
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income (loss)</TD>
realized gains (losses)</TD>
realized gains (losses) in other income (expense)</TD>
expense (benefit) on net realized gains (losses)</TD>
8/15/11 11:58 AM
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD VALIGN="top"> Deposits collected on universal life and investment
contracts (1)</TD>
<TR>
<TD VALIGN="top"> Fees on universal life and investment contracts
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<TR>
</TD>
<TD VALIGN="bottom" ALIGN="right">230
</TD>
<TD NOWRAP VALIGN="bottom">%(4)</TD>
</TD>
<TD VALIGN="bottom" ALIGN="right">235
</TD>
<TD NOWRAP VALIGN="bottom">%(4)</
</TD>
<TR>
<TD ALIGN="left" VALIGN="top">Consistent with GAAP, premiums collected on universal life and investment contracts are considered deposits and excluded from revenues. Fees
investment contracts are revenue for GAAP and have been classified as gross premiums written. </TD></TR></TABLE> 
<TR>
<TD ALIGN="left" VALIGN="top">We assess the performance of our Life business based on life underwriting income which includes net investment income. </TD></TR></TA
<TR>
<TR>
<TD ALIGN="left" VALIGN="top">% Change is primarily due to the Combined Insurance acquisition on April 1, 2008. </TD></TR></TABLE>
<TR>
<TR>
<TD VALIGN="top">Life</TD>
<TR>
<TR>
</TD>
Segment Results - Life Reinsurance
<TR>
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<TR>
<TR>
Variable Annuity (VA) Lines 
Historical Cash Flow Summary by Quarter &
Death Benefits (GMDB) 
<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"> Premium</TD>
<TR>
<TD VALIGN="top"> Less paid claims</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Net</TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TD VALIGN="top" COLSPAN="24"> Living Benefits (Includes GMIB and GMAB)
 </TD>
<TD VALIGN="top"> </TD></
<TR>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000">1Q-10</TD>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TD VALIGN="top" COLSPAN="24"> Total VA Guaranteed Benefits
 </TD>
<TD VALIGN="top"> </TD></
<TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
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<TD> </TD>
<TD> </TD></TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR></TABLE> Amounts represent ac
and claims paid by quarter, split by benefit type. Premiums and cla
reinsuring Guaranteed Minimum Death Benefits (GMDB). 
Living Benefits (Includes GMIB and GMAB) 
Premiums and claims from VA contracts reinsuring Guaranteed Minimum Income Benefits (GMIB) and Guaranteed Minimum Accumulation
collectively known as Living Benefits. 
<TR>
<TR>
<TD VALIGN="top"> Variable Annuity</TD>
<TR>
<TR>
</TD>
Loss Reserve Rollforward
<TR>
<TR>
<TR>
<TR>
<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" STYLE="border-bottom:1px solid #000000">Unpaid Losses</TD>
<TD VALIGN="bottom" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Net Paid to Incurred Ratio</TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Gross</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Ceded</TD>
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<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Net</TD>
<TD VALIGN="top"> Balance at December 31, 2008</TD>
<TD VALIGN="bottom" ALIGN="right">37,176</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">(2,504</TD>
<TD VALIGN="bottom" ALIGN="center">96%</TD></TR>
<TR>
<TD VALIGN="top"> Other (incl. foreign exch. revaluation)</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD VALIGN="top"> Balance at March 31, 2009</TD>
<TR>
<TR>
<TD VALIGN="top"> Losses and loss expenses incurred</TD>
<TD VALIGN="top"> Losses and loss expenses paid</TD>
<TR>
<TD VALIGN="top"> Other (incl. foreign exch. revaluation)</TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TR>
<TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TR>
<TR>
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SIZE="2">Balance at June 30, 2009</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>
SIZE="2">Balance at September 30, 2009</TD>
8/15/11 11:58 AM

<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TR>
<TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
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SIZE="2">Balance at December 31, 2009</TD>
SIZE="2">Balance at March 31, 2010</TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TR>
<TR>
<TD VALIGN="top"> Add net recoverable on paid losses</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD VALIGN="top"> Balance including net recoverable on paid losses</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TR>
<TR>
<TD VALIGN="top">Loss Reserve Rollforward</TD>
<TR>
<TR>
<TD VALIGN="top">
</TD>
Reinsurance Recoverable Analysis
<TD VALIGN="bottom"></TD></TR></TABLE> Net
Division 
<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
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<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">March 31 <
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">December 31 Reinsurance recoverable on paid losses and loss expenses</TD>
<TR>
<TD VALIGN="top"> Active operations</TD>
<TD VALIGN="top"> Brandywine</TD>
<TR>
<TD VALIGN="top"> Westchester Run-off</TD>
<TD VALIGN="top"> Other Run-off</TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Total</TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Reinsurance recoverable on unpaid losses and loss expenses</TD>
<TR>
<TD VALIGN="top"> Active operations</TD>
<TD VALIGN="top"> Brandywine</TD>
<TR>
<TD VALIGN="top"> Westchester Run-off</TD>
<TD VALIGN="top"> Other Run-off</TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
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<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
91 of 143
SIZE="2">Gross reinsurance recoverable</TD>
SIZE="2">Active operations</TD>
SIZE="2">Brandywine</TD>
SIZE="2">Westchester Run-off</TD>
SIZE="2">Other Run-off</TD>
SIZE="2">Provision for uncollectible reinsurance</TD>
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<TD> </TD>
<TD> </TD></TR>
<TR>
<TD> </TD>
<TD> </TD></TR>
<TR>
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<TD> </TD>
<TD> </TD></TR>
<TR>
<TD> </TD>
SIZE="2">Net reinsurance recoverable</TD>

<TR>
<TR>
<TD VALIGN="top"> Reinsurance Recoverable</TD>
<TR>
<TR>
<TD VALIGN="top">
</TD>
Investment Portfolio
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<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="5" ALIGN="center" STYLE="border-bottom:1px solid #000000">December 31 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>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TR>
<TD VALIGN="top"> Asset Allocation by Market Value</TD>
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<TD VALIGN="top"> Treasury</TD>
<TR>
<TD VALIGN="top"> Agency</TD>
<TD VALIGN="top"> Corporate</TD>
<TR>
<TD VALIGN="top"> Mortgage-backed securities</TD>
<TD VALIGN="top"> Asset-backed securities</TD>
<TR>
<TD VALIGN="top"> Municipal</TD>
<TD VALIGN="top"> Non-U.S.</TD>
<TR>
<TD> </TD>
<TD> </TD>
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<TD> </TD>
<TD> </TD></TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TD VALIGN="top" COLSPAN="14"> Note: Insured municipal bonds represent $773 million, or 37% of our municipal bond holdi
<TD VALIGN="top"> </TD></TR>
<TR>
<TD VALIGN="top"> Credit Quality by Market Value</TD>
<TR>
<TD VALIGN="top"> AAA</TD>
<TD VALIGN="top"> AA</TD>
<TR>
<TD VALIGN="top"> A</TD>
<TD VALIGN="top"> BBB</TD>
<TR>
<TD VALIGN="top"> BB</TD>
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<TD VALIGN="top"> B</TD>

<TR>
<TD VALIGN="top"> Other</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Cost/Amortized Cost</TD>
<TD VALIGN="top"> Fixed maturities available for sale</TD>
<TR>
<TD VALIGN="top"> Fixed maturities held to maturity</TD>
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<TD> </TD>
<TD> </TD>
<TR>
<TD VALIGN="top"> Equity securities</TD>
<TR>
<TD VALIGN="top"> Other investments</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TR>
<TD VALIGN="top"> Avg. duration of fixed maturities</TD>
<TD VALIGN="bottom" ALIGN="right">3.7 years</TD>
<TD VALIGN="bottom" ALIGN="right">3.7 years</TD>
<TD VALIGN="top"> Avg. market yield of fixed maturities (1)</TD>
<TR>
<TD VALIGN="top"> Avg. credit quality</TD>
<TD VALIGN="bottom" ALIGN="right">AA</TD>
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<TD VALIGN="bottom" ALIGN="right">AA</TD>
<TD VALIGN="top"> Avg. yield on invested assets (2)</TD>
<TR>
<TD ALIGN="left" VALIGN="top">Weighted average yield to maturity of our fixed income portfolio based on the market prices of the holdings as of that date. </TD></T
<TR>
<TD ALIGN="left" VALIGN="top">Net investment income divided by average cost of fixed maturities and other investments, and average market value of equity securities. </FO
<TR>
<TR>
<TD VALIGN="top"> Investments</TD>
<TR>
<TR>
<TD VALIGN="top">

</TD>
Investment Portfolio - 2
<TD VALIGN="bottom"></TD></TR></TABLE> Mort
Fixed Income Portfolio Market Value at March 31, 2010 
<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></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="17" ALIGN="center" STYLE="border-bottom:1px solid #000000">S&P Credit Rating</TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">AAA</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">AA</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">A</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">BBB</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">BB and below</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Total</TD></TR>
<TD VALIGN="top"> Mortgage-backed securities</TD>
<TR>
<TD VALIGN="top"> Residential mortgage-backed (RMBS)</TD>
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<TD VALIGN="top"> GNMA</TD>
<TR>
<TD VALIGN="top"> FNMA</TD>
<TD VALIGN="top"> Freddie Mac</TD>
<TR>
<TD VALIGN="top"> Total agency RMBS</TD>
<TD VALIGN="top"> Non-agency RMBS</TD>
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<TR>
<TD VALIGN="top"> Total residential mortgage-backed</TD>
<TD VALIGN="top"> Commercial mortgage-backed</TD>
<TR>
<TD VALIGN="top"> Total mortgage-backed securities</TD>
<TD VALIGN="top"> Asset-backed securities</TD>
<TR>
<TD VALIGN="top"> Sub-prime</TD>
<TD VALIGN="top"> Credit cards</TD>
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<TR>
<TD VALIGN="top"> Autos</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">14</TD>
<TR>
<TD VALIGN="top"> Total asset-backed securities</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000"> </TD></TR></TABLE> 
Insured asset-backed securities represent $27 million, or 8% of our asset-backed security holdings. 
<TR>
<TR>
<TD VALIGN="top"> Investments 2</TD>
<TR>
<TR>
<TD VALIGN="top">
</TD>
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Portfolio Market Value at March 31, 2010 Mortgage-backed securities total $11.4 billion, are rated predominantly AAA and comprise 25% of the fixed i
compares to a 40% mortgage-backed weighting in representative indices of the U.S. fixed income market. The minimum rating for initial purchases of mortgage and asset backed securities is AAA. 
 Securities issued by Federal agencies with
government guarantees total $8.4 billion and represent 85% of the residential mortgage-backed portfolio. 
Non-agency residential mortgage-backed securities are backed by prime collateral, and broadly diversified in over 260,0
portfolios loan-to-value ratio is approximately 70% with an average FICO score of 730. With this conservative loan-to-value ratio and subordinated collateral of 13%, the cumulative 5-year foreclosure rate would have
estate values would have to fall 20% from their current levels before principal is impaired. The current foreclosure rate of ACE's non-agency RMBS portfolio is 9%. 
 Commercial mortgage-backed securities of $
predominantly AAA, broadly diversified with over 19,000 loans and seasoned with 86% of the portfolio issued before 2006. The average loan-to-value ratio is approximately 66% with a debt service coverage ratio in excess of
subordinated collateral of 33%. The cumulative foreclosure rate would have to rise to 41% and commercial real estate values would have to fall more than 10% from their current levels before principal is impaired. The curr
portfolio is about 2%. 
<TR>
<TR>
<TR>
<TR>
<TD VALIGN="top">

</TD>
Fixed Income Portfolio Amortized Cost at March 31, 2010 
<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></TR>
<TR>
<TR>
<TD VALIGN="top"> Mortgage-backed securities</TD>
<TR>
<TD VALIGN="top"> Residential mortgage-backed (RMBS)</TD>
<TD VALIGN="top"> GNMA</TD>
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<TR>
<TD VALIGN="top"> FNMA</TD>
<TD VALIGN="top"> Freddie Mac</TD>
<TR>
<TD VALIGN="top"> Total agency RMBS</TD>
<TD VALIGN="top"> Non-agency RMBS</TD>
<TR>
<TD VALIGN="top"> Total residential mortgage-backed</TD>
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<TD VALIGN="top"> Commercial mortgage-backed</TD>
<TR>
<TD VALIGN="top"> Total mortgage-backed securities</TD>
<TD VALIGN="top"> Asset-backed securities</TD>
<TR>
<TD VALIGN="top"> Sub-prime</TD>
<TD VALIGN="top"> Credit cards</TD>
<TR>
<TD VALIGN="top"> Autos</TD>
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<TD NOWRAP VALIGN="bottom" ALIGN="right">13</TD>
<TR>
<TD VALIGN="top"> Total asset-backed securities</TD>
Insured asset-backed securities represent $34 million, or 9% of our asset-backed security holdings. 
<TR>
<TR>
<TR>
<TR>
<TD VALIGN="top">
</TD>
<TD VALIGN="bottom"></TD></TR></TABLE> Market
 
<TR>
<TD></TD>
<TD></TD>
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<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TR>
<TD VALIGN="top">U.S. Investment Grade Corporate Fixed Income Portfolio</TD>
<TR>
<TD VALIGN="top"> Banks</TD>
<TD VALIGN="top"> Basic Materials</TD>
<TR>
<TD VALIGN="top"> Communications</TD>
<TD VALIGN="top"> Consumer, Cyclical</TD>
<TR>
<TD VALIGN="top"> Consumer, Non-Cyclical</TD>
<TD VALIGN="top"> Diversified Financial Services</TD>
<TR>
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<TD VALIGN="top"> Energy</TD>

<TD VALIGN="top"> Industrial</TD>
<TR>
<TD VALIGN="top"> Utilities</TD>
<TD VALIGN="top"> All Others</TD>
<TR>
<TD VALIGN="top"> Total</TD>
U.S. Investment Grade Corporate Fixed Income Portfolio The average credit quality of ACE's US investment grade bond portfolio is very high at AA. 62% of investment grade securities
guaranteed by governments or quasi-government agencies. Corporate bond holdings are highly diversified across industries and geographies. Issuer limits are based on credit rating (AA
portfolio) and are monitored on a daily basis by ACE via an internal compliance system. 
<TR>
<TR>
<TR>
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<TR>
<TD VALIGN="top">
</TD>
<TR>
<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="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">BB</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">B</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">CCC</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"> Other </TD>
<TD VALIGN="top" COLSPAN="7">Below Investment Grade Corporate Fixed Income Portfolio</TD>
<TR>
<TD VALIGN="top"> Basic Materials</TD>
<TD VALIGN="top"> Communications</TD>
<TR>
<TD VALIGN="top"> Consumer, Cyclical</TD>
<TD VALIGN="top"> Consumer, Non-Cyclical</TD>
<TR>
<TD VALIGN="top"> Diversified Financial Services</TD>
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<TD VALIGN="top"> Energy</TD>
<TR>
<TD VALIGN="top"> Industrial</TD>
<TD VALIGN="top"> Utilities</TD>
<TR>
<TD VALIGN="top"> All Others</TD>
<TD VALIGN="top"> Total</TD>
Below Investment Grade Corporate Fixed Income Portfolio ACE manages high yield bonds as a distinct and separate asset class from investment grade bonds. ACEs allocation to high
set by internal management and is targeted to securities in the upper tier of credit quality (BB/B). Our minimum rating for initial purchase is BB/B. 
Five external investment managers are responsible for high yield security selection and portfolio construction. 
 ACEs high yield managers have a conservativ
selection and very low historical default experience. <FONT STYLE="font-family:Times New
holdings are highly diversified across industries and are subject to a 1.5% issuer limit as a percentage of high yield allocation. The portfolio comprises over 500 issuers with our largest current issuer exposure at $81 m
position limits on a daily basis through an internal compliance system. 
Derivative and structured securities (e.g. credit default swaps, CLOs) are not permitted in high yield portfolios. 
<TR>
<TR>
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<TR>
<TR>
<TD VALIGN="top">
</TD>
<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></TR>
<TR>
<TR>
<TD VALIGN="top">Non-U.S. Fixed Income Portfolio</TD>
<TR>
<TD VALIGN="top"> Foreign Government Securities</TD>
<TD VALIGN="top"> United Kingdom</TD>
<TR>
<TD VALIGN="top"> Canada</TD>
<TD VALIGN="top"> Germany</TD>
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<TR>
<TD VALIGN="top"> Japan</TD>
<TD VALIGN="top"> Province of Ontario</TD>
<TR>
<TD VALIGN="top"> Brazil</TD>
<TD VALIGN="top"> France</TD>
<TR>
<TD VALIGN="top"> Province of Quebec</TD>
<TD VALIGN="top"> Switzerland</TD>
<TR>
<TD VALIGN="top"> State of Queensland</TD>
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<TD VALIGN="top"> Mexico</TD>
<TR>
<TD VALIGN="top"> Republic of Korea</TD>
<TD VALIGN="top"> Thailand</TD>
<TR>
<TD VALIGN="top"> Netherlands</TD>
<TD VALIGN="top"> Italy</TD>
<TR>
<TD VALIGN="top"> Taiwan</TD>
<TD VALIGN="top"> State of Victoria</TD>
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<TR>
<TD VALIGN="top"> Spain</TD>
<TD VALIGN="top"> State of New South Wales</TD>
<TR>
<TD VALIGN="top"> Australia</TD>
<TD VALIGN="top"> Austria</TD>
<TR>
<TD VALIGN="top"> New Zealand</TD>
<TD VALIGN="top"> Greece</TD>
<TR>
<TD VALIGN="top"> Qatar</TD>
<TD VALIGN="top"> State of Western Australia</TD>
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<TR>
<TD VALIGN="top"> Other Foreign Government</TD>
<TD VALIGN="top"> Foreign Government Securities</TD>
<TR>
<TD VALIGN="top"> Non-U.S. Corporate</TD>
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Non-U.S. Fixed Income Portfolio </
ACEs non-U.S. investment grade fixed income portfolios are currency-matched with the insurance liabilities of ACEs
 87% of ACEs non-U.S. fixed inco
currencies. Average credit quality of
securities is very high at AA and 55% of holdings are rated AAA or guaranteed by governments or quasi-government agencies. 
Corporate bond holdings are highly diversified across industries and geographies. Issuer limits are based on credit rating (AA
portfolio) and are monitored on a daily basis by ACE via an internal compliance system. 
<TR>
<TR>
<TR>
<TR>
<TD VALIGN="top">

</TD>
<TD VALIGN="bottom"></TD></TR></TABLE> Inve
 Top 25 Exposures - Fixed Maturity Investments 
<TR>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> March 31, 2010</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000">Rating</TD></TR>
<TD VALIGN="top"> General Electric Co</TD>
<TD VALIGN="bottom" ALIGN="right">AA+</TD></TR>
<TR>
<TD VALIGN="top"> JP Morgan Chase & Co</TD>
<TD VALIGN="bottom" ALIGN="right">A+</TD></TR>
<TD VALIGN="top"> Bank of America Corp</TD>
<TD VALIGN="bottom" ALIGN="right">A</TD></TR>
<TR>
<TD VALIGN="top"> Wells Fargo & Co</TD>
<TD VALIGN="bottom" ALIGN="right">AA-</TD></TR>
<TD VALIGN="top"> Verizon Communications Inc</TD>
<TR>
<TD VALIGN="top"> Citigroup Inc</TD>
<TD VALIGN="top"> Morgan Stanley</TD>
<TR>
<TD VALIGN="top"> Goldman Sachs Group Inc/The</TD>
<TD VALIGN="top"> AT&T INC</TD>
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<TR>
<TD VALIGN="top"> HSBC Holdings Plc</TD>
<TD VALIGN="bottom" ALIGN="right">AA-</TD></TR>
<TD VALIGN="top"> Credit Suisse Group</TD>
<TR>
<TD VALIGN="top"> Barclays PLC</TD>
<TD VALIGN="top"> Comcast Corp</TD>
<TD VALIGN="bottom" ALIGN="right">BBB+</TD></TR>
<TR>
<TD VALIGN="top"> Lloyds Banking Group Plc</TD>
<TD VALIGN="top"> ConocoPhillips</TD>
<TR>
<TD VALIGN="top"> Kraft Foods Inc</TD>
<TD VALIGN="bottom" ALIGN="right">BBB</TD></TR>
<TD VALIGN="top"> Time Warner Cable Inc</TD>
<TR>
<TD VALIGN="top"> XTO Energy Inc</TD>
<TD VALIGN="top"> American Express Co</TD>
<TR>
<TD VALIGN="top"> UBS AG</TD>
<TD VALIGN="top"> Telecom Italia SpA</TD>
<TR>
<TD VALIGN="top"> Pfizer Inc</TD>
<TD VALIGN="bottom" ALIGN="right">AA</TD></TR>
<TD VALIGN="top"> Deutsche Telekom AG</TD>
<TR>
<TD VALIGN="top"> Anheuser-Busch InBev NV</TD>
<TD VALIGN="top"> Rabobank Nederland</TD>
<TD VALIGN="bottom" ALIGN="right">AAA</TD></TR></TABLE> 
<TR>
<TR>
<TR>
<TR>
<TD VALIGN="top">
</TD>
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Net Realized and Unrealized Gains (Losses)
<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="10" ALIGN="center" STYLE="border-bottom:1px solid #000000">Three months ended March 31, 2010</TD>
<TR>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Net Realized Gains (Losses)
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Net
Unrealized Gains (Losses)</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Net Impact</TD>
<TD VALIGN="top"> Fixed maturities</TD>
<TR>
<TD VALIGN="top"> Equity and fixed income derivatives</TD>
<TR>
<TD VALIGN="top"> Foreign exchange gains (losses)</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Sub-total</TD>
<TD VALIGN="top"> Mark-to-market gains (losses) from derivative transactions
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<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Total gains (losses)</TD>
<TD VALIGN="top"> Partially-owned entities
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Net gains (losses)</TD>
<TD> </TD>
<TD> </TD>
<TR>
<TD ALIGN="left" VALIGN="top">Other-than-temporary impairments for the quarter include $18 million for fixed maturities. </TD></TR></TABLE>
<TR>
<TD ALIGN="left" VALIGN="top">Includes $37 million of realized gains on the life reinsurance operations which is comprised of a $96 million gain on guaranteed minimum inc
$59 million of losses on other derivatives, including S&P put options and futures. </TD></TR></TABLE> 
<TR>
<TD ALIGN="left" VALIGN="top">Net realized and unrealized gains (losses) on partially-owned entities that meet the requirements for equity accounting. The net income or l
income (expense). </TD></TR></TABLE> 
<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="10" ALIGN="center" STYLE="border-bottom:1px solid #000000">Three months ended March 31, 2009</TD>
<TR>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Net Realized Gains (Losses)
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<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Net
Unrealized Gains (Losses)</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Net Impact</
<TD VALIGN="top"> Fixed maturities</TD>
<TR>
<TD VALIGN="top"> Equity and fixed income derivatives</TD>
<TR>
<TD VALIGN="top"> Foreign exchange gains (losses)</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Sub-total</TD>
<TD VALIGN="top"> Mark-to-market gains (losses) from derivative transactions
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Total gains (losses)</TD>
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<TD VALIGN="top"> Partially-owned entities
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Net gains (losses)</TD>
<TD> </TD>
<TD> </TD>
<TR>
<TD ALIGN="left" VALIGN="top">Other-than-temporary impairments for the quarter of $192M include $88M for fixed maturities, $25M for equities, and $79M for other investmen
</TD></TR></TABLE> 
<TR>
<TD ALIGN="left" VALIGN="top">Includes $24M of realized gains on the life reinsurance operations which is comprised of a $1M loss on guaranteed minimum income benefit der
gains on the S&P put option and futures. Also included is a $25 million loss related to derivatives on our short-term and long-term debt. </TD></TR></TABLE> 
<TD ALIGN="left" VALIGN="top">Net realized and unrealized gains (losses) on partially-owned entities that meet the requirements for equity accounting. The net income or l
income (expense). </TD></TR></TABLE> 
<TR>
<TR>
<TD VALIGN="top"> Investment Gains (Losses)</TD>
<TR>
<TR>
</TD>
<TR>
<TD VALIGN="bottom" ALIGN="center">Capital Structure</TD>
<TR>
<TD VALIGN="bottom" ALIGN="center">(in millions of U.S. dollars)</TD>
<TR>
<TR>
<TD></TD>
<TD></TD>
<TD></TD>
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<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">December 31 2009</TD>
<TD VALIGN="top"> Total short-term debt</TD>
<TR>
<TD VALIGN="top"> Total long-term debt </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Total debt</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Total trust preferred securities</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Total shareholders equity</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Total capitalization</TD>
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<TR>
<TD VALIGN="top"> Tangible capital
<TR>
<TR>
<TD VALIGN="top"> Leverage ratios</TD>
<TD VALIGN="top"> Debt/ total capitalization</TD>
<TR>
<TD VALIGN="top"> Debt plus trust preferred securities/ total capitalization</TD>
<TD VALIGN="top"> Debt/ tangible capital</TD>
<TR>
<TD VALIGN="top"> Debt plus trust preferred securities/ tangible capital</TD>
<TR>
<TD ALIGN="left" VALIGN="top">Tangible capital is equal to total capitalization less goodwill and other intangible assets. </TD></TR></TABLE>
<TR>
<TR>
<TD VALIGN="top"> Capital Structure</TD>
<TR>
<TR>
</TD>
<TR>
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<TD VALIGN="bottom" ALIGN="center">Debt, Trust Preferred, and Credit Facilities</TD>
<TR>
<TR>
<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TR>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Par Amount Outstanding</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Carrying value</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000">Coupon</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> Maturity Date</TD
<TD VALIGN="top"> Debt and Trust Preferred</TD>
<TR>
<TD VALIGN="top"> ACE European Holdings No2 Limited Term Loan</TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom">5.25</TD>
<TD VALIGN="bottom">December 13, 2010</TD></TR>
<TD VALIGN="top"> ACE INA Holdings Inc. Term Loan</TD>
<TR>
<TD VALIGN="top"> ACE INA Holdings Inc. Term Loan</TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom">0.94</TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom">%(1)
</TD>
<TD VALIGN="bottom">April 1, 2013</TD></TR>
<TD VALIGN="top"> ACE INA Holdings Inc. Senior Notes</TD>
<TD VALIGN="bottom">June 15, 2014</TD></TR>
<TR>
<TD VALIGN="bottom">May 15, 2015</TD></TR>
<TD VALIGN="bottom">February 15, 2017</TD></TR>
<TR>
<TD VALIGN="bottom">March 15, 2018</TD></TR>
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<TD VALIGN="bottom">June 15, 2019</TD></TR>
<TR>
<TD VALIGN="top"> ACE INA Holdings Inc. Debentures</TD>
<TD VALIGN="bottom">August 15, 2029</TD></TR>
<TD VALIGN="top"> ACE Capital Trust II Capital Securities</TD>
<TD VALIGN="bottom">April 1, 2030</TD></TR>
<TR>
<TD VALIGN="bottom">May 15, 2036</TD></TR>
<TR>
<TR>
<TR>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Commitment</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">LOC Usage</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> Maturity Date</TD
<TD VALIGN="top"> Credit Facilities</TD>
<TR>
<TD VALIGN="top"> Syndicated Letter of Credit Facility</TD>
<TD VALIGN="bottom">November 8, 2012</TD></TR>
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<TD VALIGN="top"> Revolving Credit / LOC Facility</TD>
<TD VALIGN="bottom">November 8, 2012</TD></TR>
<TR>
<TD VALIGN="top"> Funds at Lloyds Capital Facility</TD>
<TD VALIGN="top"> Bilateral Letter of Credit Facility</TD>
<TD VALIGN="bottom">September 20, 2014</TD></TR>
<TR>
<TR>
<TD ALIGN="left" VALIGN="top">This term loan was issued with a floating interest rate that is based on 3 month LIBOR plus 0.65 percent. In order to economically fix the i
entered into a swap transaction that fixes the rate at 4.15. </TD></TR></TABLE> 
<TR>
<TR>
<TD VALIGN="top"> Capital Structure 2</TD>
<TR>
<TR>
</TD>
<TR>
<TD VALIGN="bottom" ALIGN="center">Computation of Basic and Diluted Earnings Per Share</TD>
<TR>
<TD VALIGN="bottom" ALIGN="center">(in millions of U.S. dollars, except share and per share data)</TD>
<TR>
<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="5" ALIGN="center" STYLE="border-bottom:1px solid #000000">Three months ended March 31</TD>
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<TR>
<TD VALIGN="top"> Numerator</TD>
<TR>
<TD VALIGN="top"> Income to common shares, excl. net realized gains (losses)
<TD VALIGN="top"> Net realized gains (losses), net of income tax</TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Net income available to the holders of common shares</TD>
<TD> </TD></TR>
<TD VALIGN="top"> Rollforward of Common Shares Outstanding</TD>
<TR>
<TD VALIGN="top"> Shares - beginning of period</TD>
<TD VALIGN="bottom" ALIGN="right">336,524,657</TD>
<TD VALIGN="top"> Issued under employee stock purchase plan</TD>
<TR>
<TD VALIGN="top"> Shares (cancelled) granted</TD>
<TD VALIGN="top"> Issued for option exercises</TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Shares - end of period</TD>
<TD> </TD></TR>
<TD VALIGN="top"> Denominator</TD>
<TR>
<TD VALIGN="top"> Weighted average shares outstanding</TD>
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<TD VALIGN="top"> Effect of other dilutive securities</TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Adj. wtd. avg. shares outstanding and assumed conversions</TD>
<TD> </TD></TR>
<TD VALIGN="top"> Basic earnings per share</TD>
<TR>
<TD> </TD></TR>
<TR>
<TD> </TD></TR>
<TD VALIGN="top"> Diluted earnings per share</TD>
<TR>
<TD> </TD></TR>
<TR>
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<TR>
<TR>
<TR>
<TD VALIGN="top">Earnings per share</TD>
<TR>
<TR>

</TD>
<TR>
<TD VALIGN="bottom" ALIGN="center">Non-GAAP Financial Measures</TD>
<TR>
<TR>
<TD VALIGN="bottom"></TD></TR></TABLE> Regu
Financial Measures <FONT STYLE="font-family:Times New Roman" SI
results, 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. How
viewed as a substitute for measures determined in accordance with generally accepted accounting principles (GAAP). A reconciliation of book value per common share is provided on the next page. 
 In presenting our segment operat
our performance with reference to underwriting results. Underwriting results are calculated by subtracting losses and loss expenses, policy benefits, policy acquisition costs, and administrative expenses from net premiums
results and operating ratios to monitor the 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
 The following non-GAAP measure i
measurement and is defined as income excluding net realized gains (losses) and the related tax expense (benefit). We believe this presentation enhances the understanding of our results of operations by highlighting the un
our insurance business. We exclude net realized gains (losses) and net realized gains (losses) included in other income (expense) related to partially owned entities because the amount of these gains (losses) is heavily i
in part according to, the availability of market opportunities. Income excluding net realized gains (losses) should not be viewed as a substitute for net income determined in accordance with GAAP. 
<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></TR>
<TR>
<TD VALIGN="top"> Net income, as reported</TD>
<TR>
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<TD VALIGN="top"> Net realized gains (losses) in other income (expense)
<TR>
<TD VALIGN="top"> Income tax expense (benefit) on net realized gains (losses)</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Income excluding net realized gains (losses)</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TR>
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<TD ALIGN="left" VALIGN="top">Realized gains (losses) on partially-owned entities that meet the requirements for equity accounting. The net income or loss is included in
<TR>
<TR>
<TD VALIGN="top">Reconciliation Non-GAAP</TD>
<TR>
<TR>

</TD>
<TR>
<TD VALIGN="bottom" ALIGN="center">Book Value and Book Value per Common Share</TD>
<TR>
<TD VALIGN="bottom" ALIGN="center">(in millions of U.S. dollars, except share and per share data)</TD>
<TR>
<TD VALIGN="bottom"></TD></TR></TABLE> Reco
Common Share 
<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="top"> Shareholders equity</TD>
<TR>
<TD VALIGN="top"> Less: goodwill and other intangible assets</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Numerator for tangible book value per share</TD>
<TD> </TD>
<TD> </TD>
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<TD> </TD></TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TR>
<TR>
<TR>
<TR>
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SIZE="2">Denominator</TD>
SIZE="2">Book value per common share</TD>
SIZE="2">Tangible book value per common share</TD>
SIZE="2">Reconciliation of Book Value</TD>
SIZE="2">Shareholders equity, beginning of quarter</TD>
SIZE="2">Income excluding net realized gains (losses)</TD>
SIZE="2">Net realized gains (losses), net of tax</TD>
SIZE="2">Net unrealized gains (losses), net of tax</TD>
SIZE="2">Cumulative translation, net of tax</TD>
8/15/11 11:58 AM

<TD VALIGN="top"> Dividend declared on common shares</TD>
<TR>
<TD VALIGN="top"> Pension liability</TD>
<TD VALIGN="top">
Other</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD> </TD>
<TD> </TD>
<TR>
<TD ALIGN="left" VALIGN="top">Other includes proceeds from exercise of stock options and stock compensation. </TD></TR></TABLE>
<TR>
<TR>
<TD VALIGN="top">Reconciliation Book Value</TD>
<TR>
<TR>
</TD>
<TD VALIGN="bottom" ALIGN="center">
<TR>
<TR>
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New Roman" SIZE="2">ACE Limited</TD>
New Roman" SIZE="2">Comprehensive Income</TD>
New Roman" SIZE="2">(in millions of U.S. dollars)</TD>
New Roman" SIZE="2">(Unaudited)</TD>
8/15/11 11:58 AM
<TD VALIGN="bottom"></TD></TR></TABLE> Cons
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>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000">Full Year 2009</TD>
<TR>
<TD VALIGN="top"> Net unrealized appreciation (depreciation) on investments</TD>
<TD VALIGN="top"> Unrealized appreciation (depreciation) on investments
(1)</TD>
<TR>
<TD VALIGN="top"> Reclassification adjustment for net realized (gains) losses included in net income</TD>
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<TD VALIGN="top"> Change in cumulative translation adjustments</TD>
<TR>
<TD VALIGN="top"> Change in minimum pension liability</TD>
<TD VALIGN="top"> Income tax (expense) benefit related to other comprehensive income items
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Other comprehensive income (loss)</TD>
<TD> </TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Comprehensive income</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TR>
<TD ALIGN="left" VALIGN="top">Unrealized appreciation on investments for the full year 2009 includes $305 million of losses related to the adoption of certain provisions
to other-than-temporary impairments. </TD></TR></TABLE> 
<TR>
<TD ALIGN="left" VALIGN="top">Income tax expense for the full year 2009 includes $63 million related to the adoption of certain provisions that amended GAAP relating to o
impairments. </TD></TR></TABLE> 
<TR>
<TR>
<TD VALIGN="top">Comprehensive Income</TD>
<TR>
<TR>
<TD VALIGN="top">

</TD>
Glossary</TD>
<TD VALIGN="bottom"></TD></TR></TABLE> Annuali
shareholders equity (ROE): Income excluding net realized gains (losses) divided by average shareholders equity for the period excluding unrealized gains (losses) on investments and the deferred tax compone
shareholders equity. To annualize a quarterly rate multiply by four. 
Book value per common share: Shareholders equity divided by the shares outstanding. 
 Combined Insurance: Combined Insurance Com
April 1, 2008. Combined ratio
and loss expense ratio, acquisition cost ratio and the administrative expense ratio excluding life business. Calculated on a GAAP basis. 
Effective tax rate: Income tax expense divided by the sum of income tax expense and income excluding net realized gains
 Topic 320: Unrealized gains (losses) on in
tax component included in shareholders equity. 
Life underwriting income: Net premiums earned and net investment income less policy benefits, acquisition costs, and ad
 NM: Not meaningful. Tangible book value per common share: Shar
goodwill and other intangible assets divided by the shares outstanding. 
Tangible capital: Total capitalization less goodwill and other intangible assets. 
 Total capitalization: Short-term debt, lon
preferreds, and shareholders equity. 
<TR>
<TR>
<TD VALIGN="top">Glossary</TD>
</BODY></HTML>
</TEXT>
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
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-----BEGIN PRIVACY-ENHANCED MESSAGE----Proc-Type: 2001,MIC-CLEAR

<P STYLE="line-height:0px;margin-top:0px;margin-bottom:0px;border-bottom:0.5pt solid #000000">&nbsp;</P>

<TD VALIGN="bottom" WIDTH="5%"></TD>

<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>SIGNATURES </B></FONT></P>

<IMG SRC="g92382ex99_1a.jpg" ALT="LOGO">

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

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

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

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

SIZE="2">Insurance and reinsurance balances receivable </FONT></P></TD>

SIZE="2">Reinsurance recoverable on losses and loss expenses </FONT></P></TD>

SIZE="2">Other assets </FONT></P></TD>

SIZE="2">Total assets </FONT></P></TD>

SIZE="2">Unpaid losses and loss expenses </FONT></P></TD>

SIZE="2">Unearned premiums </FONT></P></TD>

SIZE="2">Other liabilities </FONT></P></TD>

SIZE="2">Total liabilities </FONT></P></TD>

SIZE="2"><B>Shareholders&#146; equity </B></FONT></P></TD>

SIZE="2">Total shareholders&#146; equity </FONT></P></TD>

SIZE="2">Total liabilities and shareholders&#146; equity </FONT></P></TD>

<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>

<TD VALIGN="bottom" STYLE="border-top:3px double #000000">&nbsp;</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">Life </FONT></P></TD>

Roman" SIZE="2"><B>Total </B></FONT></P></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">Life </FONT></P></TD>

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

<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>

Roman" SIZE="2">Combined ratio</FONT></P></TD>

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

Roman" SIZE="2">Annualized ROE on net income</FONT></P></TD>

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

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

<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">17,615</FONT></TD>

<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>

SIZE="2">Underwriting income excluding Life segment</FONT></P></TD>

SIZE="2">Life underwriting income excluding investment income</FONT></P></TD>

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

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

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

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

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

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

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

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

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

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

<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New

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

Roman" SIZE="2">Combined ratio</FONT></P></TD>

Roman" SIZE="2">Expense ratio</FONT></P></TD>

Roman" SIZE="2">Expense ratio excluding A&amp;H</FONT></P></TD>

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

<IMG SRC="g92382ex99-2_pg2to33.jpg" ALT="LOGO">

<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>

<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>

<P STYLE="line-height:0px;margin-top:0px;margin-bottom:0px;border-bottom:0.5pt solid #000000"> </P>

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

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

SIZE="2"><B>Shareholders equity </B></FONT></P></TD>

SIZE="2">Total shareholders equity </FONT></P></TD>

SIZE="2">Total liabilities and shareholders equity </FONT></P></TD>

<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"> </FONT></TD>

<TD VALIGN="bottom" STYLE="border-top:3px double #000000"> </TD>

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

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

<TD VALIGN="bottom"><FONT STYLE="font-family: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>

Roman" SIZE="2">Expense ratio excluding A&H</FONT></P></TD>

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

<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"> </FONT></TD>

<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">% </FONT></TD>

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

<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">% </FONT></TD>

<TD VALIGN="bottom" STYLE="border-top:1px solid #000000"> </TD>

<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"> </FONT></TD>

<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"> </FONT></TD>

<TD VALIGN="bottom" STYLE="border-top:1px solid #000000"> </TD>

<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"> </FONT></TD>

<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"> </FONT></TD>

<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"> </FONT></TD>

<TD VALIGN="bottom" STYLE="border-top:3px double #000000"> </TD>

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

<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"> </FONT></TD>

<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"> </FONT></TD>

<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"> </FONT></TD>

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

<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"> </FONT></TD>

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

<TD VALIGN="bottom" STYLE="border-top:3px double #000000"> </TD>

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