2007-4-25 ACE Limited (NYSE: ACE) 8-K

http://www.sec.gov/Archives/edgar/data/896159/000119312507089135/0001193125-07-0891...
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<SEC-DOCUMENT>0001193125-07-089135.txt : 20070425
<SEC-HEADER>0001193125-07-089135.hdr.sgml : 20070425
<ACCEPTANCE-DATETIME>20070424204715
ACCESSION NUMBER:
0001193125-07-089135
CONFORMED SUBMISSION TYPE:
8-K
PUBLIC DOCUMENT COUNT:
5
CONFORMED PERIOD OF REPORT:
20070424
ITEM INFORMATION:
Results of Operations and Financial Condition
ITEM INFORMATION:
Financial Statements and Exhibits
FILED AS OF DATE:
20070425
DATE AS OF CHANGE:
20070424
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME:
CENTRAL INDEX KEY:
STANDARD INDUSTRIAL CLASSIFICATION:
IRS NUMBER:
STATE OF INCORPORATION:
FISCAL YEAR END:
ACE LTD
0000896159
FIRE, MARINE & CASUALTY INSURANCE [6331]
000000000
D0
1231
FILING VALUES:
FORM TYPE:
SEC ACT:
SEC FILE NUMBER:
FILM NUMBER:
8-K
1934 Act
001-11778
07785904
BUSINESS ADDRESS:
STREET 1:
STREET 2:
CITY:
STATE:
ZIP:
BUSINESS PHONE:
ACE BLDG
30 WOODBOURNE AVE
HAMILTON HM 08 BERMU
D0
00000
8092955200
MAIL ADDRESS:
STREET 1:
CITY:
STATE:
ZIP:
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
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<FILENAME>d8k.htm
<DESCRIPTION>FORM 8-K
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<TITLE>Form 8-K</TITLE>
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P O BOX HM 1015
HAMITON BERMUDA
D0
00000
<HR SIZE="3" NOSHADE COLOR="#000000" ALIGN="left"> UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K Current Report Pursuant To Section 13 or 15 (d) of the Securities Exchange
 Date of Report (Date of earliest event reported
 ACE LIMITED (Exact name of registrant as specified in its charter) 
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<TD WIDTH="32%"></TD></TR>
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<TD VALIGN="top" ALIGN="center">Cayman Islands</TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="top" ALIGN="center">1-11778</TD>
<TD VALIGN="top" ALIGN="center">98-0091805</TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center"> (State or other jurisdiction of Incorporation)</TD>
<TD VALIGN="top" ALIGN="center">(Commission File Number)</TD>
<TD VALIGN="top"> (I.R.S. Employer Identification No.)</TD></TR>
</TABLE> ACE Global
Headquarters 17 Woodbourne Avenue Hamilton HM 08 Bermuda (Address of principal executive offices) </
STYLE="margin-top:0px;margin-bottom:0px"> Registrants telephone number, including area
 Not applicable <
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center">(Former name or former address, if changed since last report) <HR WIDTH="8%" SIZE="1" NOSHADE COLOR="#000000"
STYLE="margin-top:0px;margin-bottom:0px">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any
(see General Instruction A.2. below): 
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<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">¨</TD>
<TD ALIGN="left" VALIGN="top">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </TD></TR></TABLE> 
<TR>
<TD ALIGN="left" VALIGN="top">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </TD></TR></TABLE> 
<TD ALIGN="left" VALIGN="top">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </TD></TR></TABLE> 
<TD ALIGN="left" VALIGN="top">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) </TD></TR></TABLE> <HR SIZE="3" NOSHADE COLOR="#000000" ALIGN="left">

<HR SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
Item 2.02. Results of Operations and Financial Condition On April 24, 2007, ACE Limited issued a press release repor
results and the availability of its first quarter financial supplement. The press release and the financial supplement are attached hereto as Exhibit 99.1 and Exhibit 99.2, respectively, and are hereby incorporated herein
 Item 9.01. Financial Statem
Information and Exhibits. 
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top">Exhibits </TD></TR></TABLE> 
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<TD></TD>
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<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000">Exhibit Number </TD>
<TD VALIGN="bottom"> Description</TD></TR>
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<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top" ALIGN="center">99.1</TD>
<TD VALIGN="bottom">Press release, dated April 24, 2007, reporting first quarter results</TD></TR>
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<TD VALIGN="bottom">First Quarter 2007 Financial Supplement</TD></TR>
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SIGNATURES 
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf
duly authorized. <DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3">ACE LIMITED</TD></TR>
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<TD VALIGN="top"> By:</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Philip V. Bancroft </TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom" ALIGN="center">Philip V. Bancroft</TD></TR>
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<TD VALIGN="bottom" ALIGN="center">Chief Financial Officer</TD></TR>
</TABLE></DIV> DATE: April 24, 2007

EXHIBIT INDEX 
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<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> Number </TD>
<TD VALIGN="bottom"> Description </TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> Method of Filing </TD></TR>
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<TD HEIGHT="8" COLSPAN="2"></TD>
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<TD VALIGN="bottom">Press release, dated April 24, 2007, reporting first quarter results</TD>
<TD VALIGN="bottom">Furnished herewith</TD></TR>
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<TD VALIGN="bottom">First Quarter 2007 Financial Supplement</TD>
<TD VALIGN="bottom">Furnished herewith</TD></TR>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>dex991.htm
<DESCRIPTION>PRESS RELEASE, DATED APRIL 24, 2007, REPORTING FIRST QUARTER RESULTS
<TEXT>
<HTML><HEAD>
<TITLE>Press Release, dated April 24, 2007, reporting first quarter results</TITLE>
</HEAD>
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<TD VALIGN="top" STYLE="padding-left:8px"> 
<IMG SRC="g73719image_001.jpg" ALT="LOGO"></TD>

<TD VALIGN="top"> ACE Limited ACE Global Headquarters 17 Woodbourne Avenue Hamilton HM 08 Bermuda</TD>
<TD VALIGN="top" NOWRAP> PO Box HM 1015 Hamilton HM DX Bermuda 441 295-5200 main 441 292-8675 fax</TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000"> </TD>
<TD VALIGN="bottom"> News Release</TD></T
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<TD VALIGN="top" STYLE="padding-left:8px"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
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<TD VALIGN="top" STYLE="padding-left:8px"> </TD>
<TD VALIGN="bottom">www.acelimited.com</TD>
</TABLE> FOR IMMEDIATE RELEASE 
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<TD></TD></TR>
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<TD VALIGN="bottom">Investor Contact: </TD>
<TD VALIGN="bottom">Helen M. Wilson</TD></TR>
<TR>
<TD VALIGN="bottom">(441) 299-9283</TD></TR>
<TR>
<TD VALIGN="bottom">helen.wilson@ace.bm</TD></TR>
<TR>
<TR>
<TD VALIGN="bottom">Media Contact:</TD>
<TD VALIGN="bottom">Robert T. Grieves</TD></TR>
<TR>
<TD VALIGN="bottom">(212) 827-4444</TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP>robert.grieves@ace-ina.com</TD></TR>
</TABLE> ACE LIMITED REPORTS FIRST QUARTER 2007 NET INCOME OF $701 MILLION AND OPERATING INCOME OF $663 MILLION HAMILTON, Bermuda, April 24, 2007 ACE Limited (NYSE: ACE) today reported net income for the first quarter ended March 31, 2007 of $701 million or $2.10 per ordinary
preferred dividends, compared with net income of $489 million or $1.46 per share for the same quarter last year. Income excluding net realized gains (losses) was $663 million, or $1.98 per share, compared with $477 millio
same quarter of last year. (1 The first quarter 2006 results included an $80 million pre-tax charge pertaining to the settlement with certain governmental agencies of their investigations of variou
business practices. The combined ratio for the first quarter was 87.1%. Annualized return on average equity based on the first quarter was 18.5%.(3</
FACE="Times New Roman" SIZE="2" COLOR="#000000">) First Quarter Summary (in millions, except per share amounts) (Unaudited) 
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<TD COLSPAN="2" VALIGN="bottom"> </TD>
<TD COLSPAN="2" VALIGN="bottom"> </TD>
<TD VALIGN="bottom" COLSPAN="9" ALIGN="center">(Per Share - Diluted)</TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">2007</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000">Change</TD>
<TD VALIGN="bottom" STYLE="border-bottom:1px solid #000000"> </TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000">Change</TD></TR>
<TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> Net income</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">701</TD>
<TD VALIGN="bottom" ALIGN="right">43%</TD>
<TD VALIGN="bottom" ALIGN="right">2.10</TD>
<TD VALIGN="bottom" ALIGN="right">44%</TD></TR>
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<TD VALIGN="top"> Net realized gains (losses), net of tax</TD>
<TD VALIGN="bottom"> </TD>
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<TD VALIGN="bottom" ALIGN="right"> </TD>
<TD VALIGN="bottom" ALIGN="right"> </TD></TR>
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<TD VALIGN="top"> Cumulative effect, net of tax(2<
FACE="Times New Roman" SIZE="2" COLOR="#000000"></TD>
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<TD VALIGN="top"> Income excluding net realized gains (losses) and cumulative effect, net of tax(1)</TD>
<TD VALIGN="top"> Investigation-related settlement charge, net of tax</TD>
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<TD VALIGN="top"> Income excluding net realized gains (losses), investigation-related settlement charge and cumulative effect
SIZE="1" COLOR="#000000">(1) Average shares outstanding</TD>
</TABLE> Evan Greenberg, President and Chief Executive Officer of ACE Limited, commented: ACE had a very strong start to the year. We produced re
income for the first quarter, and our tangible book value per share grew at a 22% annual pace. The quality of earnings was excellent, with strong contributions from both
underwriting and investment income. Net written premium growth was in line with market conditions. Globally, we are maintaining underwriting discipline and avoiding business where prices and terms dont meet our stan
growth in those areas where we see opportunity. <
SIZE="2">Other first quarter operating highlights were as follows: 
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<TD WIDTH="1%" VALIGN="top"> </TD>
<TD ALIGN="left" VALIGN="top"> P&C net premiums written decreased 2% over the prior year quarter. Insurance net premiums written increased 2% and reinsurance net p
21%. </TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> P&C net premiums earned increased 9% over the prior year quarter. Insurance net premiums earned increased 12% and reinsurance net pr
</TD></TR></TABLE>
<TR>
<TD ALIGN="left" VALIGN="top"> The combined ratio was 87.1% for the first quarter compared with 90.6% for the prior year quarter which included an $80 million investig
</TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> P&C underwriting income was $384 million for the first quarter. </TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> Operating cash flow amounted to $1.2 billion for the first quarter. </TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> Invested assets increased by $1.8 billion or 5% during the first quarter to $38.9 billion. </TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> Net investment income in the first quarter increased 22% over the prior year quarter, to $451 million. </TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> Shareholders equity at March 31, 2007 increased 5% from year-end 2006, to $14.9 billion. </TD></TR></TABLE>
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<TD WIDTH="2%" VALIGN="top" ALIGN="left"> </TD>
<TD ALIGN="left" VALIGN="top"> Tangible equity (</F
FACE="Times New Roman" SIZE="2" COLOR="#000000">1) at March 31, 2007 rose to $12.2 billion, a gain of 6% from year-end 2006. </TD></TR></TABLE>
<TR>
<TD ALIGN="left" VALIGN="top"> Return on average equity for the first quarter was 18.5%; excluding FAS 115, it was 19.4%</F
FACE="Times New Roman" SIZE="1" COLOR="#000000">(3). </TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> Book value per share as of March 31, 2007 increased $1.84 from December 31, 2006 t
FACE="Times New Roman" SIZE="1" COLOR="#000000">(4). </TD></TR></TABLE>
<TR>
<TD ALIGN="left" VALIGN="top"> Tangible book value per share as of March 31, 2007 increased 6% from December 31,
FACE="Times New Roman" SIZE="1" COLOR="#000000">(1). </TD></TR></TABLE> <
STYLE="margin-top:0px;margin-bottom:0px">Details of our first quarter 2007 financial results for our business segments are available in the financial supplement. Key segment items inc
STYLE="margin-top:0px;margin-bottom:0px"> 
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<TD ALIGN="left" VALIGN="top"> Insurance-North American: Net premiums written increased 1% over the prior year quarter. The combined ratio was 88.4%. </TD><
STYLE="margin-top:0px;margin-bottom:-6px"> 
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<TD ALIGN="left" VALIGN="top"> Insurance-Overseas General: Net premiums written increased 4% over the prior year quarter. The combined ratio was 85.4%. </TD
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<TD ALIGN="left" VALIGN="top"> Global Reinsurance: Net premiums written decreased 21% over the prior year quarter. The combined ratio was 78.0%. </TD></TR><
<TR>
<TD ALIGN="left" VALIGN="top"> Life Insurance and Reinsurance: Net premiums written increased 44% over the prior year quart
realized gains (losses) increased 39% to $43 million over the prior year quarter(1). </F
 Please refer to the ACE Limited Financial Supplement dated Mar
posted on the Companys website in the Investor Information section, and access Financial Reports for more detailed information on individual segment performance, together with additional disclosure on reinsurance re
investment portfolio and capital structure. The URL reference is: http://media.corporate-ir.net/media_files/nys/ace/reports/fin_supp_march_31_2007.xls. (Due to the length of this URL, it may be necessary to copy an
your Internet browsers URL address field.) A
quarter earnings conference call and webcast on Wednesday, April 25, 2007 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 dia
the United States) or 913-981-4911 (international); passcode 1477658. 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 availabl
a.m. ET on Wednesday, April 25, 2007 until Friday, May 25, 2007. To listen to the replay, dial: 888-203-1112 (in the United States) or 719-457-0820 (international); passcode 1477658. Page 2/6 
The ACE Group of Companies is a global leader in insurance and reinsurance serving a diverse group of clients. Headed by
ACE Limited, a component of the Standard & Poors 500 stock index, the ACE Group conducts its business on a worldwide basis with operating subsidiaries in more than 50 countries. Additional information can b
www.acelimited.com. Cautionary Statem
Forward-Looking Statements: Any forwar
this press release 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 19
involve risks and uncertainties, which may cause actual results to differ materially from those set forth in these statements. For example, the Companys forward-looking statements could be affected by competiti
trends, the levels of new and renewal business achieved, market acceptance, changes in demand, the frequency of unpredictable catastrophic events, actual loss experience, uncertainties in the reserving or settlement proce
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, actual market developments, rating agency action, possible terrorism or the outbreak and effects of war and economic, political, regulatory, insurance and reinsurance business conditions, as well as mana
these factors, and other factors identified in the Companys filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which spea
which they are made. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. <HR WIDTH="8%"
COLOR="#000000" ALIGN="left"> 1Non-GAAP Financial Measures: Operat
excluding net realized gains (losses) and cumulative effect, net of tax is a common performance measurement for insurance companies. We believe this presentation enhances the understanding of our results of operations
underlying profitability of our insurance business. We exclude net realized gains (losses) because the amount of these gains (losses) is heavily influenced by, and fluctuates in part according to, the availability of mark
the cumulative effect of a change in accounting principle net of tax because this amount resulted in a one-time adjustment to income. is calculated by subtracting losses and loss expenses, life and annuity benefits, policy acquisition costs and administrative expenses from net premiums earned. We use underwriting income and operating ratios t
operations without the impact of certain factors, including net investment income, other (income) expense, interest and income tax expense and net realized gains (losses). We believe the use of these measures enhances the
results of operations by highlighting the underlying profitability of our insurance business. Tangible shareholders eq
shareholders equity less goodwill. See reconciliation of Non-GAAP Financial Measures on page 20 in the financial supplement. 2The cumulative effect is a benefit resulting from the i
rate on restricted stock in our stock compensation expense calculations, as required under Financial Accounting Standard (FAS) 123R. 3Calculated using income excluding net realized gains (losses). 4Book value per ordinary share is ordinary shareholders equity divided by the shares outstanding. Page 3/6 
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ACE Limited Summary Consolidated Balance Sheets (in millions of U.S. dollars, exce
 
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<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">March 31 2007</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">December 31 2006</TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center">(Unaudited)</TD>
<TD COLSPAN="2" VALIGN="bottom"> </TD></TR>
<TD VALIGN="top"> Assets</TD>
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<TD VALIGN="top"> Total investments</TD>
<TD VALIGN="bottom" ALIGN="right">38,320</TD>
<TD VALIGN="bottom" ALIGN="right">36,601</TD></TR>
<TD VALIGN="top"> Cash</TD>
<TD VALIGN="bottom" ALIGN="right">565</TD></TR>
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<TD VALIGN="top"> Insurance and reinsurance balances receivable</TD>
<TD VALIGN="top"> Reinsurance recoverable</TD>
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<TD VALIGN="top"> Other assets</TD>
<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="top"> Total assets</TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000"> </TD>
<TD VALIGN="bottom" STYLE="border-top:3px double #000000"> </TD></TR>
<TR>
<TD VALIGN="top"> Liabilities</TD>
<TD VALIGN="top"> Unpaid losses and loss expenses</TD>
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<TD VALIGN="top"> Unearned premiums</TD>
<TD VALIGN="top"> Other liabilities</TD>
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<TD VALIGN="top"> Total liabilities</TD>
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<TD VALIGN="top"> Shareholders equity</TD>
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<TD VALIGN="top"> Total shareholders equity</TD>
<TD VALIGN="top"> Total liabilities and shareholders equity</TD>
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<TD VALIGN="top"> Book value per ordinary share (4)</TD>
<TD VALIGN="bottom" ALIGN="right">42.03</TD></TR>
</TABLE> Page 4/6 
FACE="Times New Roman" SIZE="2">Summary Consolidated Financial Data (in millions of U.S. dollars, exce
and ratios) (Unaudited) 
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<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1px solid #000000"> Three Months Ended
STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center">March 31</TD>
<TD VALIGN="bottom"> </TD></TR>
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<TD VALIGN="top"> Gross premiums written</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
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<TD VALIGN="top"> Net premiums written</TD>
<TD VALIGN="top"> Net premiums earned</TD>
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<TD VALIGN="top"> Losses and loss expenses</TD>
<TD VALIGN="top"> Life and annuity benefits</TD>
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<TD VALIGN="top"> Policy acquisition costs</TD>
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<TD VALIGN="top"> Administrative expenses</TD>
<TD> </TD>
<TD> </TD></TR>
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<TD VALIGN="top"> Underwriting income(1)</TD>
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<TD VALIGN="top"> Net investment income</TD>
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<TD VALIGN="top"> Net realized gains (losses)</TD>
<TD VALIGN="top"> Interest expense</TD>
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<TD VALIGN="top"> Other (income) expense</TD>
<TD VALIGN="bottom" ALIGN="right">(5</TD>
<TD NOWRAP VALIGN="bottom">)</TD></TR>
<TD VALIGN="top"> Income tax expense (benefit)</TD>
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<TD VALIGN="top"> Cumulative effect, net of tax</TD>
<TD> </TD>
<TD> </TD></TR>
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<TD VALIGN="top"> Preference shares dividend</TD>
<TD NOWRAP VALIGN="bottom">)</TD>
<TD> </TD>
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<TD VALIGN="top"> Net income available to holders of ordinary shares</TD>
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<TD> </TD>
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<TD VALIGN="top"> Diluted earnings per share:</TD>
<TD VALIGN="top"> Income excluding net realized gains (losses) and cumulative effect</TD>
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<TD VALIGN="top"> Weighted average diluted shares outstanding</TD>
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<TD VALIGN="top"> Loss and loss expense ratio</TD>
<TD NOWRAP VALIGN="bottom">%</TD>
<TD NOWRAP VALIGN="bottom">%</TD></TR>
<TD VALIGN="top"> Policy acquisition cost ratio</TD>
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<TD VALIGN="top"> Administrative expense ratio</TD>
<TD VALIGN="top"> Combined ratio</TD>
</TABLE> Ratios exclude life
insurance and reinsurance business Page 5/6 Consolidated Supplemental Segment Information (in millions of U.S. dol
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center">(Unaudited) 
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<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1px solid #000000"> Three Months Ended<
STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center">March 31</TD>
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<TD VALIGN="top">Gross Premiums Written</TD>
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<TR>
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<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 Insurance and Reinsurance</TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Total</TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top">Net Premiums Written</TD>
<TR>
<TR>
<TR>
<TD> </TD>
<TD> </TD></TR>
<TR>
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<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top">Net Premiums Earned</TD>
<TR>
<TR>
<TR>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top">Income Excluding Net Realized Gains (Losses) and Cumulative Effect (1)</TD>
<TR>
<TR>
<TR>
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<TR>
<TD VALIGN="top"> Corporate</TD>
<TD> </TD>
<TD> </TD></TR>
<TD> </TD>
<TD> </TD></TR>
</TABLE> 
Page 6/6 
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>dex992.htm
<DESCRIPTION>FIRST QUARTER 2007 FINANCIAL SUPPLEMENT
<TEXT>
<HTML><HEAD>
<TITLE>First Quarter 2007 Financial Supplement</TITLE>
</HEAD>
Exhibit 99.2 
<IMG SRC="g73719image_001.jpg" ALT="LOGO"> 
<TR>
<TR>
<TD VALIGN="bottom"> Financial Supplement March 31, 2007</TD></TR>
<TR>
<TR>
<TD VALIGN="top"> Investor Contact Helen M. Wilson Phone: (441) 299-9283
STYLE="margin-top:0px;margin-bottom:1px">Fax: (441) 292-8675</TD>
<TD VALIGN="top">This report is for informational purposes only. It should be read in conjunction with documents filed by ACE Limited with the Securities and Exchange Commission, incl
Report on Form 10-K and Quarterly Reports on Form 10-Q.</TD></TR>
<TR>
<TR>
<TD VALIGN="top">email: investorrelations@ace.bm</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 performance a
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 these statements.
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, uncertainties
settlement process, new theories of liability, judicial, legislative, regulatory and other governmental developments, litigation tactics and developments, investigation developments and actual settlement terms, the amount
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, the levels of new and renewal business achieve
changes in demand, actual market 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 spea
which they are made. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.</TD></TR>
</TABLE>
<TR>
<TR>
<TD VALIGN="bottom">
<IMG SRC="g73719image_002.jpg" ALT="LOGO"></TD>
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<TD VALIGN="bottom" ALIGN="center"> ACE Limited Financial Supplement Table of Contents</TD>
<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="top"> II.</TD>
<TD VALIGN="bottom">Consolidated Results</TD>
<TR>
<TD VALIGN="bottom">- Consolidated Results - Consecutive Quarters</TD>
<TR>
<TD VALIGN="bottom">- Summary Consolidated Balance Sheets</TD>
<TR>
<TD VALIGN="bottom">- Consolidated Premiums by Line of Business</TD>
<TR>
<TD VALIGN="bottom">- Consolidating Statement of Operations</TD>
<TR>
<TR>
<TD VALIGN="top"> III.</TD>
<TD VALIGN="bottom">Segment Results</TD>
<TR>
<TD VALIGN="bottom">- Insurance-North American</TD>
<TR>
<TD VALIGN="bottom">- Insurance-Overseas General</TD>
<TR>
<TD VALIGN="bottom">- Global Reinsurance</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">8-9</TD></TR>
<TR>
<TD VALIGN="bottom">- Life Insurance and Reinsurance</TD>
<TR>
<TR>
<TD VALIGN="top"> IV.</TD>
<TD VALIGN="bottom">Balance Sheet Details</TD>
<TR>
<TD VALIGN="bottom">- Loss Reserve Rollforward</TD>
<TR>
<TD VALIGN="bottom">- Reinsurance Recoverable Analysis</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">12-15</TD></TR>
<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>
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<TR>
<TD VALIGN="top"> V.</TD>
<TD VALIGN="bottom">Other Disclosures</TD>
<TR>
<TD VALIGN="bottom">- Non-GAAP Financial Measures</TD>
<TR>
<TD VALIGN="bottom">- Book Value per Ordinary Share</TD>
<TR>
<TD VALIGN="bottom">- Comprehensive Income</TD>
<TR>
<TD VALIGN="bottom">- Glossary</TD>
</TABLE>
<TR>
<TR>
<TD VALIGN="middle" ROWSPAN="4">
<TD VALIGN="bottom" ALIGN="center">ACE Limited</TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="center">Consolidated Financial Highlights</TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="center">(in millions of U.S. dollars, except share, per share data and ratios)</TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="center">(Unaudited)</TD></TR>
<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1px solid #000000">Three months ended March 31</TD>
<TR>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> % Change 1Q-07 vs. 1Q-06</TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom">0</TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom">%</TD></TR>
<TR>
<TR>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom">-1</TD>
<TR>
<TR>
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<TR>
<TR>
<TR>
<TR>
<TD VALIGN="top"> Income excluding net realized gains (losses) and cumulative effect 
<TD VALIGN="top"> Comprehensive income</TD>
<TR>
<TR>
<TD VALIGN="top"> Operating cash flow</TD>
<TR>
<TD VALIGN="top"> Combined ratio</TD>
<TR>
<TD VALIGN="top"> Underwriting and administrative expense ratio</TD>
<TD> </TD>
<TD> </TD>
<TR>
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<TR>
<TD VALIGN="top"> Annualized ROE*</TD>
<TR>
<TD VALIGN="top"> Annualized ROE, excluding FAS 115*</TD>
<TR>
<TD VALIGN="top"> Effective tax rate on income excluding net realized gains (losses) and cumulative effect</TD>
<TR>
<TR>
<TD VALIGN="top"> Diluted earnings per share</TD>
<TD VALIGN="top"> Income excluding net realized gains (losses) and cumulative effect
<TR>
<TD VALIGN="top"> Book value per ordinary share</TD>
<TR>
<TD VALIGN="top"> Tangible book value per ordinary share</TD>
<TR>
<TD VALIGN="top"> Weighted average basic ordinary shares outstanding</TD>
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<TR>
<TD VALIGN="top"> Weighted average diluted ordinary shares outstanding</TD>
<TD VALIGN="top"> Debt/ total capitalization</TD>
</TABLE> 
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top">See page 20 Non-GAAP Financial Measures. </TD></TR></TABLE> 
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">*</TD>
<TD ALIGN="left" VALIGN="top">Calculated using income excluding net realized gains (losses) and cumulative effect of a change in accounting principle (cumulative effect) </TD><
<TR>
<TR>
<TD VALIGN="top"> Financial Highlights</TD>
<TD VALIGN="bottom" ALIGN="right">Page 1</TD></TR>
</TABLE>
<TR>
<TR>
<TR>
<TD VALIGN="bottom" ALIGN="center">Consolidated Results - Consecutive Quarters</TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="center">(in millions of U.S. dollars)</TD></TR>
<TR>
</TABLE> ACE Limited Consolidated
 
<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"> Property
17 of 110
SIZE="1">1Q-07</TD>
SIZE="1">4Q-06</TD>
SIZE="1">3Q-06</TD>
SIZE="1">2Q-06</TD>
SIZE="1">1Q-06</TD>
SIZE="1">Full Year 2006</TD>
and Casualty</TD>
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<TR>
<TD VALIGN="top"> 
<TR>
18 of 110
Roman" SIZE="2">Gross premiums written</TD>
Roman" SIZE="2">Net premiums written</TD>
Roman" SIZE="2">Net premiums earned</TD>
Roman" SIZE="2">Losses and loss expenses</TD>
Roman" SIZE="2">Policy acquisition costs</TD>
Roman" SIZE="2">Administrative expenses</TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TR>
19 of 110
Roman" SIZE="2">P&C underwriting income</TD>
Roman" SIZE="2">Life underwriting income excluding investment income</TD>
Roman" SIZE="2">Net investment income</TD>
Roman" SIZE="2">Net realized gains (losses)</TD>
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<TR>
<TR>
<TD VALIGN="top"> Cumulative effect of a change in accounting principle, net of tax</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
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<TR>
<TR>
<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 VALIGN="top"> Income excluding net realized gains (losses) and cumulative effect </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> % Change versus prior year period (1)<F
SIZE="2" COLOR="#000000"></TD>
<TR>
<TD VALIGN="top"> Property and Casualty net premiums written</TD>
<TD VALIGN="bottom" ALIGN="right">-2</TD>
<TD VALIGN="top"> Property and Casualty net premiums earned</TD>
<TR>
<TR>
<TD VALIGN="top"> Other ratios</TD>
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<TD VALIGN="top"> Net premiums written/gross premiums written</TD>
<TR>
<TD VALIGN="top"> Effective tax rate on income excluding net realized gains (losses) and cumulative effect</TD>
<TR>
<TD VALIGN="top"> Combined ratio (1)</TD>
<TR>
<TD VALIGN="top"> Policy acquisition cost ratio</TD>
<TR>
<TD VALIGN="top"> Administrative expense ratio</TD>
23 of 110
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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>
<TD VALIGN="top"> Large losses and other items (1) Catastrophe and other large losses (before tax)</TD>
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<TR>
<TD VALIGN="top"> Prior period development - unfavorable (favorable)</TD>
<TR>
<TD ALIGN="left" VALIGN="top">Property and casualty excluding Life is presented to allow for comparison and analysis with earnings guidance. This is a non-GAAP measure. </TD></
<TR>
<TD ALIGN="left" VALIGN="top">See page 20 Non-GAAP Financial Measures. </TD></TR></TABLE> 
<TR>
<TR>
<TD VALIGN="top"> Consolidated Results</TD>
</TABLE>
<TR>
<TR>
<TR>
<TD VALIGN="bottom" ALIGN="center">Summary Consolidated Balance Sheets</TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="center">(in millions of U.S. dollars, except per share data)</TD></TR>
<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 2006</TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center">(Unaudited)</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center">(Audited)</TD></TR>
<TD VALIGN="top">Assets</TD>
<TR>
<TD VALIGN="top"> Fixed maturities available for sale, at fair value</TD>
<TD VALIGN="top"> Fixed maturities held to maturity, at amortized cost</TD>
<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>
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<TD VALIGN="top"> 
<TR>
<TR>
<TR>
<TR>
<TR>
<TR>
<TR>
<TR>
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SIZE="2">Total investments</TD>
SIZE="2">Cash</TD>
SIZE="2">Securities lending collateral</TD>
SIZE="2">Insurance and reinsurance balances receivable</TD>
SIZE="2">Reinsurance recoverable</TD>
SIZE="2">Deferred policy acquisition costs</TD>
SIZE="2">Prepaid reinsurance premiums</TD>
SIZE="2">Goodwill</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>
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<TR>
<TR>
<TR>
<TR>
<TR>
<TR>
<TR>
<TR>
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SIZE="2">Future policy benefits for life and annuity contracts</TD>
SIZE="2">Insurance and reinsurance balances payable</TD>
SIZE="2">Deposit liabilities</TD>
SIZE="2">Securities lending payable</TD>
SIZE="2">Payable for securities purchased</TD>
SIZE="2">Accounts payable, accrued expenses and other liabilities</TD>
SIZE="2">Income taxes payable</TD>
SIZE="2">Short-term debt</TD>
SIZE="2">Long-term debt</TD>
SIZE="2">Trust preferred securities</TD>
SIZE="2">Total liabilities</TD>
SIZE="2">Shareholders equity</TD>
SIZE="2">Total shareholders equity, excl. AOCI</TD>
SIZE="2">Accumulated other comprehensive income (AOCI)</TD>
SIZE="2">Total shareholders equity</TD>
8/12/11 4:50 PM
<TD VALIGN="top"> Total liabilities and shareholders equity</TD>
<TR>
<TD VALIGN="top"> Book value per ordinary share (1) Tangible book value per ordinary share (1)</FO
FACE="Times New Roman" SIZE="2" COLOR="#000000"></TD>
<TR>
<TR>
<TR>
<TD VALIGN="top"> Consol Bal Sheet</TD>
</TABLE>
<TR>
<TR>
<TR>
<TD VALIGN="bottom" ALIGN="center">Consolidated Premiums by Line of Business</TD></TR>
<TR>
<TR>
<TD VALIGN="top" ALIGN="center">(Unaudited)</TD></TR>
</TABLE> ACE Limited Consolidated
 
<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="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">1Q-07</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"> % of Total Consolidated</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000">% Change 1Q-07 vs. 1Q-06</TD>
<TD VALIGN="top" COLSPAN="4"> Net premiums written</TD>
<TR>
<TD VALIGN="top"> Property and all other</TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom">%</TD>
<TD VALIGN="top"> Casualty</TD>
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<TR>
<TD VALIGN="top"> Personal accident</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Total P&C</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Life</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Total Consolidated</TD>
<TD> </TD>
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<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Net premiums earned</TD>
<TD VALIGN="top"> Property and all other</TD>
<TR>
<TD VALIGN="top"> Casualty</TD>
<TD VALIGN="top"> Personal accident</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Total P&C</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
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<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Total Consolidated</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TD VALIGN="top"> Line of Business</TD>
</TABLE>
<TR>
<TR>
<TR>
<TD VALIGN="bottom" ALIGN="center">Consolidating Statement of Operations</TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="center">Three months ended March 31, 2007 and 2006</TD></TR>
<TR>
<TR>
<TD VALIGN="top" ALIGN="center">(Unaudited)</TD></TR>
<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">March 31, 2007</TD>
31 of 110
New Roman" SIZE="1">Insurance - North American</TD>

New Roman" SIZE="1">Insurance - Overseas General</TD>
New Roman" SIZE="1">Global Reinsurance</TD>
New Roman" SIZE="1">Corporate & Other</TD>
New Roman" SIZE="1">Consolidated P&C</TD>
New Roman" SIZE="1">Life Insurance & Reinsurance</TD>
New Roman" SIZE="1">ACE Consolidated</TD>
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<TR>
<TR>
<TR>
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<TR>
<TD VALIGN="top"> Administrative expenses</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Underwriting income (loss)</TD>
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<TR>
<TR>
<TR>
<TR>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Net income </TD>
<TR>
<TR>
<TD> </TD>
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<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>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> March 31, 2006</TD>
<TR>
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<TR>
<TR>
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<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
38 of 110
Roman" SIZE="2">Underwriting income (loss)</TD>
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<TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
39 of 110
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Net income (loss)</TD>
<TR>
<TR>
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<TD> </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>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TR>
<TD VALIGN="top"> Segment 2007 Qtr</TD>
</TABLE>
<TR>
<TR>
<TR>
<TD VALIGN="bottom" ALIGN="center">Segment Results - Consecutive Quarters</TD></TR>
<TR>
<TR>
</TABLE> Insurance - North American
<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
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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></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Full Year 2006</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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Roman" SIZE="2">Underwriting income</TD>
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<TR>
<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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Roman" SIZE="2">Tax expense (benefit) on net realized gains (losses)</TD>
Roman" SIZE="2">Income excluding net realized gains (losses) (1)
Roman" SIZE="2">Combined ratio</TD>
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<TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD> </TD>
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Roman" SIZE="2">Loss and loss expense ratio</TD>
Roman" SIZE="2">Policy acquisition cost ratio</TD>
Roman" SIZE="2">Administrative expense ratio</TD>
Roman" SIZE="2">Combined ratio</TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Large losses and other items (before tax)</TD>
<TR>
<TR>
<TD VALIGN="top"> % Change versus prior year period</TD>
<TR>
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<TR>
<TR>
<TR>
<TR>
<TR>
<TD VALIGN="top"> Insurance-North American</TD>
</TABLE>
<TR>
<TR>
<TD VALIGN="middle" ROWSPAN="4"> 
<IMG SRC="g73719image_002.jpg" ALT="LOGO"></TD>
<TR>
<TR>
<TR>
</TABLE> Insurance - Overseas General
<TR>
<TD></TD>
<TD></TD>
<TD></TD>
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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></TR>
<TR>
<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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<TR>
<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>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
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Roman" SIZE="2">Tax expense (benefit) on net realized gains (losses)</TD>
Roman" SIZE="2">Income excluding net realized gains (losses) (1)
Roman" SIZE="2">Combined ratio</TD>
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<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>
<TD VALIGN="top"> Large losses and other items</TD>
<TR>
<TR>
<TR>
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<TR>
<TR>
<TR>
<TR>
<TR>
<TD VALIGN="top"> Insurance-Overseas General</TD>
</TABLE>
<TR>
<TR>
<TR>
<TR>
<TR>
</TABLE> Global Reinsurance
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<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TR>
<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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<TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Net income </TD>
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<TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Income excluding net realized gains (losses) (1)
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Combined ratio</TD>
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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>
<TD VALIGN="top"> Large losses and other items</TD>
<TR>
<TR>
<TR>
<TR>
</TABLE>
<TR>
<TR>
<TR>
<TD VALIGN="bottom" ALIGN="center">Segment Results - Consecutive Quarters - 2</TD></TR>
<TR>
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<TR>
</TABLE> Global Reinsurance
<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000">1Q-07</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000">Full Year 2006</TD>
<TR>
<TR>
<TR>
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<TR>
<TR>
<TD VALIGN="top"> Global Reinsurance - By Division</TD>
<TR>
<TD VALIGN="top"> Gross premiums written</TD>
<TR>
<TD VALIGN="top"> ACE Tempest Re Europe</TD>
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<TD VALIGN="top"> ACE Tempest Re USA</TD>
<TR>
<TD VALIGN="top"> ACE Tempest Re Bermuda</TD>
<TD VALIGN="top"> ACE Tempest Re Canada</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Total</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Net premiums written</TD>
<TR>
<TD VALIGN="top"> ACE Tempest Re Europe</TD>
<TD VALIGN="top"> ACE Tempest Re USA</TD>
<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>
<TR>
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Roman" SIZE="2">Total</TD>
Roman" SIZE="2">Net premiums earned</TD>
Roman" SIZE="2">ACE Tempest Re Europe</TD>
Roman" SIZE="2">ACE Tempest Re USA</TD>
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<TR>
<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>
<TR>
<TD VALIGN="top"> Net premiums written/gross premiums written</TD>
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<TR>
<TR>
<TR>
<TD VALIGN="bottom" ALIGN="right">NM</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
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Roman" SIZE="2">ACE Tempest Re Europe</TD>
Roman" SIZE="2">ACE Tempest Re USA</TD>
Roman" SIZE="2">ACE Tempest Re Bermuda</TD>
Roman" SIZE="2">ACE Tempest Re Canada</TD>
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<TD> </TD></TR>
<TD VALIGN="top"> Total NPW/GPW</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TD VALIGN="top"> Global Reinsurance 2</TD>
</TABLE>
<TR>
<TR>
<TR>
<TR>
<TR>
</TABLE> Life Insurance and Reinsurance 
<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
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<TR>
<TR>
<TR>
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Roman" SIZE="2">Net premiums written</TD>
Roman" SIZE="2">Net premiums earned</TD>
Roman" SIZE="2">Life and annuity benefits</TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Life underwriting income (1)</TD>
<TR>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(4</TD>
<TR>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> </TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD NOWRAP VALIGN="bottom" ALIGN="right">39</TD>
<TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Income excluding net realized gains (losses) (2)
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD ALIGN="left" VALIGN="top">We assess the performance of our Life Insurance and Reinsurance business based on life underwriting income which includes net investment income. <
<TR>
<TR>
<TR>
</TABLE>
<TR>
<TR>
<TD VALIGN="top" ROWSPAN="4">
<TR>
<TD VALIGN="bottom" ALIGN="center">Loss Reserve Rollforward</TD></TR>
<TR>
<TR>
<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1px
<TR>
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solid #000000">Total</TD>

solid #000000">Ongoing</TD>
solid #000000">Run-off (1)</TD>
solid #000000">Unpaid Losses</TD>
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<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1px solid #000000">Unpaid Losses</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1px solid #000000">Unpaid Losses</TD>
<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>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Net</TD>
<TD VALIGN="top"> Balance at December 31, 2005</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">35,055</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR>
<TR>
<TD VALIGN="top"> Losses and loss expenses incurred</TD>
<TD VALIGN="top"> Losses and loss expenses paid</TD>
<TD VALIGN="bottom" ALIGN="right">(1,686</TD>
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<TR>
<TD VALIGN="top"> Other (incl. foreign exch. revaluation)</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Balance at March 31, 2006</TD>
<TD VALIGN="bottom"> </TD>
<TR>
<TR>
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<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Balance at June 30, 2006</TD>
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<TR>
<TR>
<TR>
<TD VALIGN="top"> Other (Sale of certain run-off subsidiaries) (2)
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Balance at September 30, 2006</TD>
<TR>
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<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Balance at December 31, 2006</TD>
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<TR>
<TR>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Balance at March 31, 2007</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD ALIGN="left" VALIGN="top">The run-off reserves primarily include the Brandywine group, the Commercial Insurance ServiceMiddle Market Workers Comp. reserves and the pre
reserves. </TD></TR></TABLE> 
<TR>
<TD ALIGN="left" VALIGN="top">During the third quarter of 2006, ACE Limited completed the sale of three run-off reinsurance subsidiaries, ACE American Reinsurance Company, Brandywine
and Brandywine Reinsurance Company S.A.-N.V. to Randall & Quilter Investment Holdings Limited. </TD></TR></TABLE> 
<TR>
<TR>
<TD VALIGN="top"> Loss Reserve Rollforward</TD>
</TABLE>
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<TR>
<TR>
<TR>
<TD VALIGN="bottom" ALIGN="center">Reinsurance Recoverable Analysis</TD></TR>
<TR>
<TR>
</TABLE> Net Reinsurance Recoverable by
Division 
<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">December 31 2006</TD>
<TD VALIGN="top"> 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> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Reinsurance recoverable on unpaid losses and loss expenses</TD>
<TR>
<TD VALIGN="top"> Active operations</TD>
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<TR>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD> </TD>
<TD> </TD></TR>
83 of 110
Roman" SIZE="2">Brandywine</TD>
Roman" SIZE="2">Westchester Run-off</TD>
Roman" SIZE="2">Other Run-off</TD>
Roman" SIZE="2">Gross reinsurance recoverable</TD>
Roman" SIZE="2">Active operations</TD>
Roman" SIZE="2">Provision for uncollectible reinsurance</TD>
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<TR>
<TR>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TD> </TD>
<TD> </TD></TR>
<TR>
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Roman" SIZE="2">Net reinsurance recoverable</TD>
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<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TD VALIGN="top"> Reinsurance Recoverable</TD>
</TABLE>
<TR>
<TR>
<TR>
<TD VALIGN="bottom" ALIGN="center">Reinsurance Recoverable Analysis - 2</TD></TR>
<TR>
<TR>
</TABLE> Reinsurance Recoverable for
Active Operations 
<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="7" ALIGN="center" STYLE="border-bottom:1px solid #000000">December 31, 2006</TD>
<TR>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Recoverable</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Provision</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000">% of Gross</TD>
<TD VALIGN="top"> Categories</TD>
<TR>
<TD VALIGN="top"> Top 10 reinsurers</TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom">1.2</TD>
<TD VALIGN="top"> Other reinsurers balances >$20 million</TD>
<TR>
<TD VALIGN="top"> Other reinsurers balances <$20 million</TD>
<TD VALIGN="top"> Mandatory pools and government agencies</TD>
<TR>
<TD VALIGN="top"> Structured settlements</TD>
<TD VALIGN="top"> Captives</TD>
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<TR>
<TD VALIGN="top"> Other(1)</TD>
<TD> </TD></TR>
<TD VALIGN="top"> Total</TD>
<TD VALIGN="bottom" ALIGN="right">450</TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom">4.3</TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom">%</TD></TR>
<TD> </TD></TR>
</TABLE> At December 31, 2006, $7.7
billion of the active operations recoverables were from rated reinsurers, of which 95.0% were rated the equivalent of A- or better by internationally recognized rating agencies. The Company held collateral of $3.2 b
billion was matched and usable against existing recoverables. 
<TR>
<TR>
<TD VALIGN="bottom"> Top 10 Reinsurers (net of collateral) (2) Other Reinsurers Balances Greater Than $20 million (net of coll
(2)</TD></TR>
<TR>
<TD VALIGN="top"> American International Group (AIG) Chubb Insurance Group Federal Crop Insurance Corp HDI Industrie Vag (Hannover) Lloyds Of London Munich Re Group XL Capital Group</TD>
<TD VALIGN="top"> AGRI General Ins Co AIOI Ins
STYLE="margin-top:0px;margin-bottom:0px">Allianz Allied World Assurance Group <
STYLE="margin-top:0px;margin-bottom:0px">Arch Capital Aspen Insurance Holdings Ltd<
STYLE="margin-top:0px;margin-bottom:0px">AXA CIGNA Converium Group Dow Chemical Co Electric Insurance Company Endurance Specialty Holdings Ltd <FON
SIZE="2">Equitas Fairfax Financial 
Group ING Groep NV</TD>
<TD VALIGN="top"> IRB - Brasil Resseguros S.A. Group Montpelier Reinsurance Ltd Platinum Underwriters Renaissanc
Royal & Sun Alliance Insurance Group SCOR
STYLE="margin-top:0px;margin-bottom:0px">Sompo Japan Group Tawa UK Ltd Toa Reinsurance Company The Travelers Companies,
STYLE="margin-top:0px;margin-bottom:0px">White Mountains Insurance Group WR Berkley Corp</
STYLE="margin-top:0px;margin-bottom:1px">Zurich Financial Services Group</TD></TR>
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"> (1)</TD>
<TD ALIGN="left" VALIGN="top"> Other includes amounts recoverable that are in dispute, or are from companie
rehabilitation or liquidation. Our estimate of provision for uncollectible reinsurance associated with Other considers the credit quality of the reinsurer, and whether we have received collateral or other credit protectio
guarantees. </TD></TR></TABLE> 
<TR>
COLOR="#000000"></TD>
<TD ALIGN="left" VALIGN="top"> Excludes recoverable amounts from companies who are in supervision, rehabili
are captive reinsurers, mandatory pools or voluntary pools. </TD></TR></TABLE> 
<TR>
<TR>
<TD VALIGN="top"> Reinsurance Rec-Active</TD>
</TABLE>
<TR>
<TR>
<TR>
<TR>
<TR>
</TABLE> Consolidated Reinsurance
Recoverable 
<TR>
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<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="7" ALIGN="center" STYLE="border-bottom:1px solid #000000">December 31, 2006</TD>
<TR>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Recoverable</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Provision</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000">% of Gross</TD>
<TD VALIGN="top"> Categories</TD>
<TR>
<TD VALIGN="top"> Top 10 reinsurers</TD>
<TD VALIGN="top"> Other reinsurers balances >$20 million</TD>
<TR>
<TD VALIGN="top"> Other reinsurers balances <$20 million</TD>
<TD VALIGN="top"> Mandatory pools and government agencies</TD>
<TR>
<TD VALIGN="top"> Structured settlements</TD>
<TD VALIGN="top"> Captives</TD>
<TR>
<TD VALIGN="top"> Other(1)</TD>
<TD> </TD></TR>
<TD VALIGN="top"> Total</TD>
<TD VALIGN="bottom" ALIGN="right">649</TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom">4.3</TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom">%</TD></TR>
<TD> </TD></TR>
</TABLE> At December 31, 2006, $11.6
billion of ACE Limited recoverables were from rated reinsurers, of which 94.5% were rated the equivalent of A- or better by internationally recognized rating agencies. 
<TR>
<TD VALIGN="bottom"> Top 10 Reinsurers (net of collateral) (2)</TD>
<TD VALIGN="bottom" COLSPAN="5" STYLE="border-bottom:1px solid #000000"> Other Reinsurers Balances Greater Than $20 million (net of coll
(2)</TD></TR>
<TR>
<TD VALIGN="top"> American International Group (AIG) Berkshire Hathaway Insurance Group Chubb Insurance Group Equitas HDI Haftpflichtverband Der Deutschen Industrie Vag (Hannover) Lloyds Of London Munich Re Group
STYLE="margin-top:0px;margin-bottom:0px">Swiss Re Group XL Capital Group</TD>
<TD VALIGN="top"> AGRI General Ins Co AIOI Ins
STYLE="margin-top:0px;margin-bottom:0px">Allianz Allied World Assurance Gro
STYLE="margin-top:0px;margin-bottom:0px">Allmerica Financial Corp Allstate GroupArch Capital Aspen Insurance Holdings Ltd<
STYLE="margin-top:0px;margin-bottom:0px">AVIVA AXA CIGNA CNA Insurance Companies Converium Group Dominion Insurance Co Ltd Dukes Place Holdings</TD>
<TD VALIGN="top"> Electric Insurance Company Endurance Specialty Holdings Ltd Enstar Group Ltd Fairfax Financial Federal Crop Insurance Corp FM Global Group Gerling Global Group <FON
SIZE="2">Hartford Insurance Group ING Groep NV Group Companies Montpelier Reinsurance Ltd Platinum Underwriters PMA Ca
STYLE="margin-top:0px;margin-bottom:0px">Renaissance Re Holdings Ltd Royal & Sun Allia
STYLE="margin-top:0px;margin-bottom:0px"> Insurance Group SCOR Grou
STYLE="margin-top:0px;margin-bottom:0px">Sompo Japan Group Tawa UK Ltd Toa Reinsurance Company The Travelers Companies, Inc. Trenwick Group <FON
SIZE="2">White Mountains Insurance Group WR Berkley Corp Zurich Financial Services Group</TD></TR>
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"> (1)</TD>
<TD ALIGN="left" VALIGN="top"> Othe
recoverable that are in dispute, or are from companies who are in supervision, rehabilitation or liquidation. Our estimate of provision for uncollectible reinsurance associated with Other considers the credit quality of t
have received collateral or other credit protections such as parental guarantees. </TD></TR></TABLE> 
<TR>
COLOR="#000000"></TD>
<TD ALIGN="left" VALIGN="top"> Excludes recoverable amounts from companies who are in supervision, rehabili
are captive reinsurers, mandatory pools or voluntary pools. </TD></TR></TABLE> 
<TR>
<TR>
<TD VALIGN="top"> Reinsurance Rec-Consolidated</TD>
</TABLE>
<TR>
<TR>
<TR>
<TR>
<TR>
</TABLE> Detail on Reinsurance
Recoverable on Paid Losses and Loss Expenses 
<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="top"> Gross
<TR>
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SIZE="1">General Collections (1)</TD>
SIZE="1">Other (2)</TD>
SIZE="1">Total</TD>
balance at December 31, 2006</TD>
8/12/11 4:50 PM
<TD VALIGN="top"> Provision at 12/31/06</TD>
<TD VALIGN="top"> % of gross</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Net balance at December 31, 2006 </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Gross balance at March 31, 2007</TD>
<TR>
<TD VALIGN="top"> Provision at 3/31/07</TD>
<TD VALIGN="top"> % of gross</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Net balance at March 31, 2007(3)<F
<TD> </TD>
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<TD> </TD>
<TD> </TD></TR>
<TR>
<TD ALIGN="left" VALIGN="top"> Gene
represent amounts in process of collection in the normal course of business, for which we have no indication of dispute or credit issues. </TD></TR></TABLE> 
<TD ALIGN="left" VALIGN="top"> Othe
recoverable that are in dispute, or are from companies who are in supervision, rehabilitation or liquidation for Brandywine Group and active operations. Our estimation of the reserve for other, considers the merits of the
credit quality of the reinsurer, and whether we have received collateral or other credit protections such as parental guarantees. </TD></TR></TABLE> &
<TR>
<TD ALIGN="left" VALIGN="top"> The
between general collections and other is estimated based on prior quarter balances. Balances are adjusted to actual in the next quarter. </TD></TR></TABLE> 
<TR>
<TD VALIGN="top"> Reinsurance Recoverable 4</TD>
</TABLE>
<TR>
<TR>
<TR>
<TD VALIGN="bottom" ALIGN="center">Investment Portfolio</TD></TR>
<TR>
<TR>
<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="top"> Market Value</TD>
<TR>
<TD VALIGN="top"> Fixed maturities available for sale</TD>
<TD VALIGN="top"> Fixed maturities held to maturity</TD>
<TR>
<TD VALIGN="top"> Short-term investments</TD>
<TD> </TD>
<TD> </TD></TR>
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<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TR>
<TR>
<TR>
<TD> </TD>
<TD> </TD></TR>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
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Roman" SIZE="2">Asset Allocation by Market Value</TD>
Roman" SIZE="2">Treasury</TD>
Roman" SIZE="2">Agency</TD>
Roman" SIZE="2">Corporate</TD>
Roman" SIZE="2">Mortgage-backed securities</TD>
Roman" SIZE="2">Asset-backed securities</TD>
Roman" SIZE="2">Municipal</TD>
Roman" SIZE="2">Non-U.S.</TD>
Roman" SIZE="2">Short-term investments</TD>
Roman" SIZE="2">Credit Quality by Market Value</TD>
Roman" SIZE="2">AAA</TD>
Roman" SIZE="2">AA</TD>
8/12/11 4:50 PM

<TR>
<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">A</TD>
Roman" SIZE="2">BBB</TD>
Roman" SIZE="2">BB</TD>
Roman" SIZE="2">B</TD>
Roman" SIZE="2">Other</TD>
Roman" SIZE="2">Cost/Amortized Cost</TD>
Roman" SIZE="2">Fixed maturities available for sale</TD>
Roman" SIZE="2">Fixed maturities held to maturity</TD>
Roman" SIZE="2">Short-term investments</TD>
Roman" SIZE="2">Subtotal</TD>
8/12/11 4:50 PM

<TR>
<TD VALIGN="top"> Equity securities</TD>
<TD VALIGN="top"> Other investments</TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Avg. duration of fixed maturities, adjusted for int. rate swaps</TD>
<TD VALIGN="bottom" ALIGN="right">3.3 years</TD>
<TD VALIGN="bottom" ALIGN="right">3.3 years</TD>
<TR>
<TD VALIGN="top"> Avg. market yield of fixed maturities</TD>
<TD VALIGN="top"> Avg. credit quality</TD>
<TD VALIGN="bottom" ALIGN="right">AA</TD>
<TD VALIGN="bottom" ALIGN="right">AA</TD>
<TR>
<TR>
<TD VALIGN="top"> Investments</TD>
</TABLE>
<TR>
<TR>
<TR>
<TD VALIGN="bottom" ALIGN="center">Net Realized and Unrealized Gains (Losses)</TD></TR>
<TR>
<TR>
<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, 2007</TD>
<TR>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Net Realized Gains (Losses) (1)</TD>
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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>
<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 VALIGN="top"> Other</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Sub-total</TD>
<TD VALIGN="top"> Other FAS 133 adjustments</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Total gains (losses)</TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Net gains (losses)</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TD VALIGN="top" COLSPAN="12"> (1) The quarter includes impairments of $37M for fixed maturities, $1M for equ
investments.</TD>
<TD VALIGN="top"> </TD></TR>
<TR>
<TR>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1px solid #000000">Three months ended March 31, 2006</TD>
<TR>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Net Realized Gains (Losses) (2)</TD>
<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 VALIGN="top"> Other</TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Total inv. portfolio gains (losses)</TD>
<TD VALIGN="top"> Other FAS 133 adjustments</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Total gains (losses)</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Net gains (losses)</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TD VALIGN="top" COLSPAN="12"> (2) The quarter includes impairments of $24M for fixed maturities, $2M for equ
investments.</TD>
<TD VALIGN="top"> </TD></TR>
<TR>
<TR>
<TD VALIGN="top"> Investment Gains (Losses)</TD>
</TABLE>
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<TR>
<TR>
<TR>
<TD VALIGN="bottom" ALIGN="center">Capital Structure</TD></TR>
<TR>
<TR>
<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<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>
<TR>
<TD VALIGN="top"> Total trust preferred securities</TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TR>
<TR>
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Roman" SIZE="2">Perpetual preferred shares</TD>
Roman" SIZE="2">Ordinary shareholders equity</TD>
Roman" SIZE="2">Total shareholders equity</TD>
Roman" SIZE="2">Total capitalization</TD>
Roman" SIZE="2">Tangible shareholders equity (1)</FO
Roman" SIZE="2">Leverage ratios</TD>
Roman" SIZE="2">Debt/ total capitalization</TD>
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<TD VALIGN="top"> Debt plus trust preferred secutities/ total capitalization</TD>
<TD VALIGN="top"> Debt/ tangible equity</TD>
<TR>
<TD VALIGN="top"> Debt plus trust preferred securities/ tangible equity</TD>
<TD VALIGN="top"> Debt plus total preferred stock/ total capitalization</TD>
<TR>
<TD ALIGN="left" VALIGN="top">Tangible equity is equal to shareholders equity less goodwill. </TD></TR></TABLE> 
<TR>
<TD VALIGN="top"> Capital Structure</TD>
</TABLE>
<TR>
<TR>
<TR>
<TD VALIGN="bottom" ALIGN="center">Computation of Basic and Diluted Earnings Per Share</TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="center">(in millions of U.S. dollars, except share and per share data)</TD></TR>
<TR>
<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1px solid #000000">Three months ended March 31</TD>
<TR>
<TD VALIGN="top"> Numerator</TD>
<TR>
<TD VALIGN="top"> Perpetual preferred dividend</TD>
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<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Income to ordinary shares, excl. net realized gains (losses) and cumulative effect</TD>
<TD VALIGN="top"> Net realized gains (losses), net of income tax</TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Net income available to the holders of ordinary shares excluding cumulative effect</TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Net income available to the holders of ordinary shares</TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Rollforward of Ordinary Shares</TD>
<TR>
<TD VALIGN="top"> Ordinary Shares - beginning of period</TD>
<TD VALIGN="bottom" ALIGN="right">326,455,468</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>
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<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Ordinary Shares - end of period</TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Denominator</TD>
<TR>
<TD VALIGN="top"> Weighted average shares outstanding</TD>
<TD VALIGN="top"> Effect of other dilutive securities</TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Adj. wtd. avg. shares outstanding and assumed conversions</TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Basic earnings per share</TD>
<TR>
<TR>
<TD> </TD>
<TD> </TD></TR>
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<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Diluted earnings per share</TD>
<TR>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TR>
<TD VALIGN="top"> Earnings per share</TD>
</TABLE>
<TR>
<TR>

<TR>
<TD VALIGN="bottom" ALIGN="center">Non-GAAP Financial Measures</TD></TR>
<TR>
<TR>
</TABLE> Regulation G - Non-GAAP
Financial Measures In pre
included and discussed certain non-GAAP measures. These non-GAAP measures, which may be defined differently by other companies, are important for an understanding of our overall results of operations. However, they should
substitute for measures determined in accordance with GAAP. A reconciliation of book value per share is provided on page 21. In presenting our segment operating results, we have shown our performance with reference to underwriting results. Underwritin
subtracting losses and loss expenses, life and annuity benefits, policy acquisition costs, and administrative expenses from net premiums earned. We use underwriting results and operating ratios to monitor the results of o
impact of certain factors, including investment income, other income and expenses, interest and income tax expense, and net realized gains (losses). 
STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%">The following non-GAAP measure is a common performance measurement and is defined as income excluding net realized gains (loss
(benefit) on net realized gains (losses), and cumulative effect of a change in accounting principle, net of tax. We believe this presentation enhances the understanding of our results of operations by highlighting the und
insurance business. We exclude net realized gains (losses) because the amount of these gains (losses) is heavily influenced by, and fluctuates in part according to, the availability of market opportunities. We exclude the
effect of a change in accounting principle, net of tax, because this benefit resulted in a one time adjustment to income. We believe these amounts are largely independent of our business and including them would distort t
Income excluding net realized gains (losses) and cumulative effect should not be viewed as a substitute for net income determined in accordance with generally accepted accounting principles (GAAP). 
<TD></TD>
<TD></TD>
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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></TR>
<TR>
<TD VALIGN="top"> Net income, as reported</TD>
<TR>
<TD VALIGN="top"> Income tax expense (benefit) on net realized gains (losses)</TD>
<TR>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Income excluding net realized gains (losses) and cumulative effect</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TD VALIGN="top"> Reconciliation Non-GAAP</TD>
</TABLE>
<TR>
<TR>
<TR>
<TD VALIGN="bottom" ALIGN="center">Book Value per Ordinary Share</TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="center">(in millions of U.S. dollars, except share and per share data)</TD></TR>
<TR>
</TABLE> Reconciliation of Book Value per
Ordinary Share 
<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"> March 31 2007</TD>
<TD VALIGN="top"> Shareholders equity</TD>
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<TR>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD> </TD>
<TD> </TD></TR>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD> </TD>
<TD> </TD></TR>
<TR>
SIZE="2">Proceeds from issuance of perpetual preferred shares</TD>
SIZE="2">Numerator for book value per share calculation</TD>
SIZE="2">Less: goodwill</TD>
SIZE="2">Numerator for tangible book value per share</TD>
SIZE="2">Denominator</TD>
SIZE="2">Book value per ordinary share</TD>
SIZE="2">Tangible book value per ordinary share</TD>
<TR>
<TR>
<TD VALIGN="top"> Reconciliation Book Value</TD>
</TABLE>
<TR>
<TR>
<TR>
<TD VALIGN="bottom" ALIGN="center">Comprehensive Income</TD></TR>
<TR>
<TR>
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</TABLE> Consolidated Statement of
Comprehensive Income 
<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TR>
<TD VALIGN="top"> Net unrealized appreciation (depreciation) on investments</TD>
<TD VALIGN="top"> Unrealized appreciation (depreciation) on investments</TD>
<TR>
<TD VALIGN="top"> Reclassification adjustment for net realized gains (losses) included in net income</TD>
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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> </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>
<TD> </TD></TR>
<TR>
<TR>
<TD VALIGN="top"> Comprehensive Income</TD>
</TABLE>
<TR>
<TR>

<TR>
<TD VALIGN="bottom" ALIGN="center">Glossary</TD></TR>
</TABLE> Annualized return on ordinary
shareholders equity (ROE): Income excluding net realized gains (losses) and cumulative effect less perpetual preferred securities divided by average ordinary shareholders equity for the period. To annualiz
by four. Book value per ordinary share: Ord
equity divided by the shares outstanding. Combi
the loss and loss expense ratio, acquisition cost ratio and the administrative expense ratio excluding life business. Calculated on a GAAP basis. &nbs
STYLE="margin-top:0px;margin-bottom:0px">Cumulative effect: The benefit resulting from the accrual of a forfeiture rate on the restricted stock under Financial Accounting Stand
Payment. Effective tax rate: Income t
sum of income tax expense and income excluding net realized gains (losses) and cumulative effect. FAS 115: Unrealized gains (losses) on investments and the deferred tax component included in shareholders equity. Life underwriting income: Net premium earned and net investment income less future policy benefits, acquisition costs and administra
 NM: Not meaningful. Ordinary shareholders equity: Shareholders equity less perpetual preferred shares. P&C: Property and casualty. Return on ordinary shareholders equity (ROE): Income
gains (losses) and cumulative effect less perpetual preferred securities divided by average ordinary shareholders equity. Tangible book value per ordinary share: Ordinary shareholders equity less goodwill divided by the shares outstanding. 
STYLE="margin-top:0px;margin-bottom:0px"> Tangible equity: Shareholders equity less goodwill.
STYLE="margin-top:0px;margin-bottom:0px"> Total capitalization: Short-term debt, long-term debt, tru
preferred shares and shareholders equity. 
<TR>
<TR>
<TD VALIGN="top"> Glossary</TD>
</TABLE>
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
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http://www.sec.gov/Archives/edgar/data/896159/000119312507089135/0001193125-07-0891...

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

<IMG SRC="g73719image_001.jpg" ALT="LOGO"></P></TD>

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

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

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

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

<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">52,857</FONT></TD></TR>

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

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

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

<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><I>Total</I></FONT></P></TD>

<TD HEIGHT="16" COLSPAN="2"></TD>

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

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

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

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

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

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

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

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

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

<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">353</FONT></TD>

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

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

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

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

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

<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">665</FONT></TD>

<TD VALIGN="bottom" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">579</FONT></TD>

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

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

SIZE="2">Securities lending collateral</FONT></P></TD>

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

SIZE="2">Deferred policy acquisition costs</FONT></P></TD>

SIZE="2">Prepaid reinsurance premiums</FONT></P></TD>

SIZE="2">Deferred tax assets</FONT></P></TD>

SIZE="2">Investments in partially owned insurance companies</FONT></P></TD>

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

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

SIZE="2">Future policy benefits for life and annuity contracts</FONT></P></TD>

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

SIZE="2">Securities lending payable</FONT></P></TD>

SIZE="2">Payable for securities purchased</FONT></P></TD>

SIZE="2">Accounts payable, accrued expenses and other liabilities</FONT></P></TD>

SIZE="2">Income taxes payable</FONT></P></TD>

SIZE="2">Trust preferred securities</FONT></P></TD>

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

SIZE="2">Accumulated other comprehensive income (AOCI)</FONT></P></TD>

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

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

New Roman" SIZE="1"><B>Insurance&nbsp;-<BR>North<BR>American</B></FONT></TD>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

SIZE="2">Total shareholders equity, excl. AOCI</FONT></P></TD>

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

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

New Roman" SIZE="1"><B>Insurance -<BR>North<BR>American</B></FONT></TD>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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