2009-10-27 ACE Limited (NYSE: ACE) 8-K

http://www.sec.gov/Archives/edgar/data/896159/000119312509214949/0001193125-09-2149...
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<SEC-DOCUMENT>0001193125-09-214949.txt : 20091027
<SEC-HEADER>0001193125-09-214949.hdr.sgml : 20091027
<ACCEPTANCE-DATETIME>20091027170113
ACCESSION NUMBER:
0001193125-09-214949
CONFORMED SUBMISSION TYPE:
8-K
PUBLIC DOCUMENT COUNT:
7
CONFORMED PERIOD OF REPORT:
20091027
ITEM INFORMATION:
Results of Operations and Financial Condition
ITEM INFORMATION:
Financial Statements and Exhibits
FILED AS OF DATE:
20091027
DATE AS OF CHANGE:
20091027
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
091139768
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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P O BOX HM 1015
HAMITON BERMUDA
D0
00000
 UNITED
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center">SECURITIES AND EXCHANGE COMMISSION <
STYLE="font-family:Times New Roman" SIZE="3">Washington, D.C. 20549 FORM 8-K Current Report Pursuant To Section 13 or 15 (d) of the Date o
event reported) October 27, 2009 ACE LIMITED (Exact name of registrant as specified in its charter) </
STYLE="margin-top:0px;margin-bottom:0px"> 
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<TD WIDTH="32%"></TD></TR>
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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> Bärengasse 32 Zürich CH-8001, Switzerland Telephone:
 (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 fili
simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): &nbs
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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> 
<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> 
<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">

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<TD WIDTH="9%" VALIGN="top" ALIGN="left">Item 2.02.</TD>
<TD ALIGN="left" VALIGN="top">Results of Operations and Financial Condition </TD></TR></TABLE> On October 27, 2009, ACE Limited issued a press release reporting its third quarter 2009 results and the availability of its
supplement. The press release and the financial supplement are attached hereto as Exhibit 99.1 and Exhibit 99.2, respectively, and are hereby incorporated herein by reference. 
<TD WIDTH="9%" VALIGN="top" ALIGN="left">Item 9.01.</TD>
<TD ALIGN="left" VALIGN="top">Financial Statements, Pro Forma Financial Information and Exhibits. </TD></TR></TABLE> 
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top">Exhibits </TD></TR></TABLE> 
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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>
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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 October 27, 2009, reporting third quarter results</TD></TR>
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<TD VALIGN="bottom">Third Quarter 2009 Financial Supplement</TD></TR>
</TABLE>
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused
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>
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<TD VALIGN="top"> By:</TD>
<TD VALIGN="bottom"> /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: October 27, 2009 
EXHIBIT INDEX 
<TD></TD>
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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<
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<TD HEIGHT="8" COLSPAN="2"></TD>
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<TD VALIGN="bottom">Press release, dated October 27, 2009, reporting third quarter results</TD>
<TD VALIGN="bottom" ALIGN="center">Furnished herewith</TD></TR>
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<TD VALIGN="bottom">Third Quarter 2009 Financial Supplement</TD>
<TD VALIGN="bottom" ALIGN="center">Furnished herewith</TD></TR>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>dex991.htm
<DESCRIPTION>PRESS RELEASE, DATED OCTOBER 27, 2009, REPORTING THIRD QUARTER RESULTS
<TEXT>
<HTML><HEAD>
<TITLE>Press release, dated October 27, 2009, reporting third quarter results</TITLE>
</HEAD>
Exhibit 99.1 
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<TD VALIGN="top">
<IMG SRC="g36082ex99_1a.jpg" ALT="LOGO"></TD>

<TD VALIGN="top" NOWRAP> ACE Limited Bärengasse 32 CH-8001 Zürich Switzerland</TD>
<TD VALIGN="top" NOWRAP> +41 (0)43 456 76 00 main 
STYLE="margin-top:0px;margin-bottom:0px">+41 (0)43 456 76 01 fax www.acelimited.com</TD>
<TD VALIGN="middle">
<IMG SRC="g36082ex99_1b.jpg" ALT="LOGO"></TD></TR>
</TABLE> FOR IMMEDIATE RELEASE 
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<TD VALIGN="top"> Investor Contact:</TD>
<TD VALIGN="bottom">Helen M. Wilson</TD></TR>
<TR>
<TD VALIGN="bottom">(441) 299-9283</TD></TR>
<TR>
<TD VALIGN="bottom">helen.wilson@acegroup.com</TD></TR>
<TR>
<TR>
<TD VALIGN="top"> Media Contact:</TD>
<TD VALIGN="bottom">Stephen M. Wasdick</TD></TR>
<TR>
<TD VALIGN="bottom">(212) 827-4444</TD></TR>
<TR>
<TD VALIGN="bottom">stephen.wasdick@acegroup.com</TD></TR>
</TABLE> ACE REPORTS THIRD QUARTER 2009 NET INCOME OF $494 MILLION; OPERATING INCOME OF $701 MILLION, UP 39%; BOOK VALUE, UP 30% YEAR TO DATE, AT ALL-TIME HIGH ACE Limited (NYSE: ACE) today reported net income for the quarter ended September 30, 2009, of $1.46 per share, compared with $0.16 per share for the same quarter last ye
STYLE="font-family:Times New Roman" SIZE="1">(1) Income excluding net realized gains (lo
compared with $1.50 per share.(2) <FONT STYLE="font-family:Times New Roman" SIZE=
unrealized gains after tax were $1.4 billion for the quarter. Book value increased $2.2 billion during the quarter, up 13% from June 30, 2009. Book value per share now stands at $55.71. Annualized return on average e
STYLE="font-family:Times New Roman" SIZE="1">(3) The property and casualty (P&C) com
 Third Quarter Summary (in millions, except per share amounts) (Una
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<TD COLSPAN="2" VALIGN="bottom"> </TD>
<TD VALIGN="bottom" COLSPAN="9" ALIGN="center" STYLE="border-bottom:1px solid #000000">(Per Share - Diluted)</TD>
<TD VALIGN="bottom"> </TD></TR>
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<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">2009</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000">Change</TD>
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<TD VALIGN="top"> Net income </TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">494</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom">815</TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom">% </TD>
<TD VALIGN="bottom" ALIGN="right">1.46</TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom">% </TD></TR>
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<TD VALIGN="top"> Net realized gains (losses), net of tax </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">(207</TD>
<TD NOWRAP VALIGN="bottom">) </TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"> </TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">(0.61</TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"> </TD></TR>
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<TD VALIGN="top"> Income excluding net realized gains (losses), net of tax (2)</TD>
</TABLE> Net income for the nine months ended September 30, 2009, was $4.73 per share, compared with
$3.45 per share for 2008. For the nine months ended September 30, 2009, income excluding net realized gains (losses) was $6.16 per share, compared with $5.81 per share for 2008. The P&C combined ratio for the nin
September 30, 2009, was 87.8%. Book value increased $4.3 billion, up 30% during the nine months ended September 30, 2009. 
Nine Months Summary (in millions, except per share amounts) 
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<TD VALIGN="bottom" COLSPAN="9" ALIGN="center" STYLE="border-bottom:1px solid #000000">(Per Share - Diluted)</TD>
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<TD VALIGN="top"> Net income</TD>
<TD VALIGN="bottom" ALIGN="right">1,596</TD>
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<TD VALIGN="top"> Net realized gains (losses), net of tax</TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"> </TD></TR>
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<TD VALIGN="top"> Income excluding net realized gains (losses), net of tax</TD>
</TABLE> Evan G. Greenberg, Chairman and Chief Executive Officer of ACE Limited, commented: ACE had an
excellent third quarter with all divisions of the company performing well and contributing to results. Our book value grew 13% in the quarter, 30% for the year, and stands at an all-time high. After-tax operating income i
period last year, and our return on equity was 16%. Our P&C combined ratio was 88.1% and benefited from
reserve development and light catastrophe losses in the period. Excluding those items, our current accident year combined ratio for the quarter and the year was 93.3% and 91.4%, respectively again, an excellent res
result of our underwriting discipline, while we sacrificed some growth, we achieved positive rate change in the quarter of about 2%. Premium revenue growth was impacted in the quarter by recessionary conditions, a strong U.S. dollar and a competitive insurance market. Growth in the period benefited, however, from customers seeking ACE&#1
well as our broad product portfolio and global presence. By the nature of some of our businesses, growth can be volatile quarter to quarter, but more stable when viewed over a longer period of time. In fact, we expect mea
growth in the fourth quarter regardless of foreign exchange. Other operating highlights
September 30, 2009, were as follows (1) 
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<TD ALIGN="left" VALIGN="top"> Net premiums written and earned decreased 4% and 6%, respectively. Excluding the impact of foreign exchange, net premiums w
and decreased 3%, respectively. </TD></TR></TABLE> 
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<TD ALIGN="left" VALIGN="top"> The P&C combined ratio was 88.1% compared with 97.9%. The P&C combined ratio year-to-date was 87.8% compared with 9
</TD></TR></TABLE> 
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<TD ALIGN="left" VALIGN="top"> Favorable prior period development pre-tax was $203 million compared with $277 million in 2008. </TD></TR></TABL
<TR>
<TD ALIGN="left" VALIGN="top"> P&C pre-tax underwriting income increased to $359 million compared with $66 million. </TD></TR></TABLE> 
<TD ALIGN="left" VALIGN="top"> Catastrophe losses were $45 million compared with $411 million. </TD></TR></TABLE> 
<TD ALIGN="left" VALIGN="top"> Operating cash flow was $1 billion. </TD></TR></TABLE> 
<TD ALIGN="left" VALIGN="top"> Net loss reserves increased $344 million. Excluding foreign exchange valuation, net loss reserves increased $135 million. Y
reserves increased $923 million. Excluding foreign exchange valuation, net loss reserves increased $429 million. </TD></TR></TABLE> 
<TR>
<TD ALIGN="left" VALIGN="top"> Net investment income decreased 2% to $511 million. Invested assets increased 7% to $46.7 billion. </TD></TR></T
<TR>
<TD ALIGN="left" VALIGN="top"> Return on average equity was 15.9%.(3) Year-to-date return on average equity was 16.7%. </TD></TR></TABLE> 
<TD ALIGN="left" VALIGN="top"> Book value per share(4) increased 13% from $49.27 at June 30, 2009, to $55.71, while it increased 29% from Dec
</TD></TR></TABLE> 
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<TD ALIGN="left" VALIGN="top"> Tangible book value per share(4) increased 17% from $38.10 at June 30, 2009, to $44.49, while it increased 39% from Dec
</TD></TR></TABLE> 
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<TD ALIGN="left" VALIGN="top"> Net realized and unrealized gains after tax from our investment portfolio totaled approximately $1.7 billion. Net real
accounting related to the guaranteed minimum income benefits (GMIBs) of our life reinsurance business, net of associated hedges, were approximately $209 million. As the companys credit spreads improved, derivative a
increase in our fair value liability due to our increased ability to pay. There was also an impact due to lower interest rates. </TD></TR></TABLE> Details of our financial results for our business segments are available in the ACE Limited Financial Supplement. Key segment items for the quarter ended September 30, 2009, include: 
<TD ALIGN="left" VALIGN="top"> Insurance-North American: Net premiums written decreased 6%. Excluding the impact of prior year crop insurance, net premium
combined ratio was 91.3% compared with 104.1%. </TD></TR></TABLE> 
<TR>
<TD ALIGN="left" VALIGN="top"> Insurance-Overseas General: Net premiums written decreased 7%. Adjusting for the impact of foreign exchange, they increased
87.4% compared with 89.9%. </TD></TR></TABLE> 
<TR>
<TD ALIGN="left" VALIGN="top"> Global Reinsurance: Net premiums written increased 18%. The combined ratio was 58.5% compared with 91.5%. </TD><
<TR>
<TD ALIGN="left" VALIGN="top"> Life: Net premiums written increased 7%. Life underwriting income increased 12% to $95 million. </TD></TR></TABL
STYLE="margin-top:12px;margin-bottom:0px">Please refer to the ACE Limited Financial Supplement dated September 30, 2009, which is posted on the companys websit
Information 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 ca
reference is: http://media.corporate-ir.net/media_files/irol/10/100907/fin_supp_september 30 2009.xls. ACE
earnings conference call and webcast on Wednesday, October 28, 2009, 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
United States) or 719-457-2605 (international); passcode 2934041. 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 fo
month. To listen to the replay, dial: 888-203-1112 (in the United States) or 719-457-0820 (international); passcode 2934041. <FONT STYLE="font-family:Time
ACE Group is a global leader in insurance and reinsurance serving a diverse group of clients. Headed by ACE Limited, the ACE Group conducts its business on a worldwide basis with operating subsidiaries in more than 50 cou
information can be found at: www.acelimited.com. 
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> All comparisons are with the same periods
specifically stated. </TD></TR></TABLE> 
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<TD WIDTH="3%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top"> Non-GAAP Financial Measures: <
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<TD WIDTH="3%" VALIGN="top" ALIGN="left"> </TD>
<TD ALIGN="left" VALIGN="top">Operating income or income excluding net realized gains (losses), net of tax is a common performance measurement for insurance compan
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 realized gains (losses) included
related to partially-owned entities because the amount of these gains (losses) do not relate to their respective operations. </TD></TR></TABLE> 
<TR>
<TD ALIGN="left" VALIGN="top">Underwriting income is calculated by subtracting losses and loss expenses, policy benefits, policy acquisition costs and administrati
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 income (expense), interest and income
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 underlying profitability o
</TD></TR></TABLE> 
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<TD ALIGN="left" VALIGN="top">See reconciliation of Non-GAAP Financial Measures on page 26 in the financial supplement. </TD></TR></TABLE> 
<TD ALIGN="left" VALIGN="top">These measures should not be viewed as a substitute for net income determined in accordance with generally accepted accounting principles (G
</TD></TR></TABLE> 

<TR>
<TD ALIGN="left" VALIGN="top"> Calculated using income excluding net rea
perpetual preferred securities divided by average common shareholders equity for the period. To annualize a quarterly rate, multiply by four. </TD></TR></TABLE> 
<TD ALIGN="left" VALIGN="top"> Book value per common share is common sha
divided by the shares outstanding. Tangible book value per common share is common 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 statem
release, such as those related to revenue growth and company performance reflect the companys current views and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995
involve risks and uncertainties, which may cause actual results to differ materially from those set forth in these statements. For example, matters described could be affected by competition, pricing and policy term
and renewal business achieved, market acceptance, the frequency of unpredictable catastrophic events, actual loss experience, uncertainties in the reserving or settlement process, new theories of liability, judicial, legi
other governmental developments, litigation tactics and developments and settlement terms, the amount and timing of reinsurance recoverable, credit developments among reinsurers, rating agency action, possible terror
effects of war and economic, political, regulatory, insurance and reinsurance business conditions, as well as managements response to these factors, and other factors identified in the companys filings with th
Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates on which they are made. The company undertakes no obligation to publicly update
forward-looking statements, whether as a result of new information, future events or otherwise. 
ACE Limited Summary Consolidated Balance Sheets (Unaudited) 
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<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">September 30 2009</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">December 31 2008</TD></TR>
<TD VALIGN="top"> Assets</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
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<TD VALIGN="top"> Investments</TD>
<TD VALIGN="bottom" ALIGN="right">39,715</TD></TR>
<TD VALIGN="top"> Cash</TD>
<TD VALIGN="bottom" ALIGN="right">867</TD></TR>
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<TD VALIGN="top"> Insurance and reinsurance balances receivable</TD>
<TD VALIGN="top"> Reinsurance recoverable on losses and loss expenses</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>
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<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>
<TD VALIGN="top"> Shareholders equity</TD>
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<TD VALIGN="top"> Total shareholders equity</TD>
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<TD VALIGN="top"> Total liabilities and shareholders equity</TD>
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<TD VALIGN="top"> Book value per common share (4)</TD>
<TD VALIGN="bottom" ALIGN="right">43.30</TD></TR>
</TABLE> 
ALIGN="center">Summary Consolidated Financial Data (Unaudited) 
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<TD VALIGN="bottom" COLSPAN="6" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000">Three Months Ended September 30</TD>
<TD VALIGN="bottom" COLSPAN="6" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000">Nine Months Ended September 30</TD>
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<TD VALIGN="top"> Gross premiums written </TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
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<TD VALIGN="top"> Net premiums written</TD>
<TD VALIGN="top"> Net premiums earned</TD>
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STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)
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SIZE="2">Losses and loss expenses</TD>
SIZE="2">Policy benefits </TD>
SIZE="2">Policy acquisition costs </TD>
SIZE="2">Administrative expenses </TD>
SIZE="2">Underwriting income </TD>
SIZE="2">Net investment income </TD>
SIZE="2">Net realized gains (losses) </TD>
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<TD NOWRAP VALIGN="bottom">) </TD></TR>
<TD VALIGN="top"> Interest expense </TD>
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<TD VALIGN="top"> Other income (expense) </TD>
<TD VALIGN="top"> Income tax expense </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Net income </TD>
<TD VALIGN="top"> Preference share dividend </TD>
<TD VALIGN="bottom" ALIGN="right"> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Net income available to holders of common shares </TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
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<TR>
<TD NOWRAP VALIGN="bottom">% </TD>
<TD NOWRAP VALIGN="bottom">% </TD></TR>
<TR>
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SIZE="2">Diluted earnings per share: </TD>
SIZE="2">Income excluding net realized gains (losses) Net income </TD>
SIZE="2">Weighted average diluted shares outstanding </TD>
SIZE="2">Loss and loss expense ratio </TD>
SIZE="2">Policy acquisition cost ratio </TD>
SIZE="2">Administrative expense ratio </TD>
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<TR>
<TD VALIGN="top"> Combined ratio </TD>
ALIGN="center">Consolidated Supplemental Segment Information (Unaudited) 
<TD></TD>
<TD></TD>
<TD></TD>
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<TD></TD>
<TD></TD>
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<TR>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1px solid #000000">Three Months Ended September 30</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1px solid #000000">Nine Months Ended September 30</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>
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<TD VALIGN="top"> </TD>
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Roman" SIZE="2">Life </TD>
Roman" SIZE="2">Total </TD>
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>
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<TD> </TD>
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<TR>
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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>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
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SIZE="2">Life </TD>
SIZE="2">Total </TD>
SIZE="2">Income Excluding Net Realized Gains (Losses) </TD>
SIZE="2">Insurance - North American </TD>
SIZE="2">Insurance - Overseas General </TD>
SIZE="2">Global Reinsurance </TD>
SIZE="2">Life </TD>
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<TR>
<TD VALIGN="top"> Corporate </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Total </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>dex992.htm
<DESCRIPTION>THIRD QUARTER 2009 FINANCIAL SUPPLEMENT
<TEXT>
<HTML><HEAD>
<TITLE>Third Quarter 2009 Financial Supplement</TITLE>
</HEAD>
Exhibit 99.2 
<IMG SRC="g36082ex99-1_pg001.jpg" ALT="LOGO"> 
<TR>
<TR>
<TD VALIGN="top"> Investor Contact 
STYLE="margin-top:0px;margin-bottom:0px">Helen M. Wilson Phone:
STYLE="margin-top:0px;margin-bottom:1px">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 and are made pursuant to the safe harbor pro
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. For example, the companys forwa
as statements concerning exposures, reserves and recoverables, could be affected by the frequency of unpredictable catastrophic events, actual loss experience, uncertainties in the reserving or settlement process, new the
judicial, legislative, regulatory and other governmental developments, litigation tactics and developments, investigation developments and actual settlement terms, the amount and timing of reinsurance receivable and credi
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
16 of 177
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developments, and rating agency action. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates on which they are made. The company undertakes no obligation
any forward-looking statements, whether as a result of new information, future events or otherwise.</TD></TR>
</TABLE>
<TR>
<TR>
<TD VALIGN="top">
<IMG SRC="g36082ex99-1_pg2to32.jpg" ALT="LOGO"></TD>

<TD VALIGN="bottom" ALIGN="center"> ACE Limited Financial Supplement Table of Contents</TD>
<TR>
<TD></TD>
<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>
<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 and Income Excluding Net Realized Gains (Losses) by Line of Business4 - 5</TD></TR>
<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>
<TR>
<TD VALIGN="bottom"> - Life</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">10 - 11</TD></TR>
<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>
<TR>
<TD VALIGN="bottom"> - Investment Portfolio</TD>
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<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="top">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>
</TABLE>
<TR>
<TR>
<TD VALIGN="top">

STYLE="font-family:Times New Roman" SIZE="2">Consolidated Financial Highlights (in million
share, per share data and ratios) (Unaudited)</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>
<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="6" ALIGN="center" STYLE="border-bottom:1px solid #000000">Three months ended September 30</TD>
<TD VALIGN="bottom" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">% Change 3Q-09 vs. 3Q-08</TD>
<TD VALIGN="bottom" ROWSPAN="2"> </TD>
<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Constant $ (2)</TD>
<TD VALIGN="bottom" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">% Change 3Q-09 vs. 3Q-08 (2)</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1px solid #000000">Nine months ended September 30</TD>
<TD VALIGN="bottom" ROWSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000">% Change YTD-08</TD>
<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Constant $ % Change YTD-08 (2)</TD>
<TD VALIGN="bottom" ROWSPAN="2"> </TD></TR>
<TR>
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Rom
SIZ
Rom
SIZ

<TR>
<TD VALIGN="top"> Gross premiums written</TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom">-4</TD>
<TR>
<TR>
<TR>
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<TR>
<TR>
<TD VALIGN="top"> Net investment income</TD>
<TR>
<TR>
<TR>
<TD VALIGN="top"> Income excluding net realized gains (losses) 
<TD VALIGN="top"> Comprehensive income (loss)</TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom">NM</TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom">NM</TD>
<TR>
<TR>
<TD VALIGN="top"> Operating cash flow</TD>
<TR>
<TD VALIGN="top"> Combined ratio</TD>
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<TR>
<TD VALIGN="top"> Loss and loss expense ratio</TD>
<TD VALIGN="top"> Underwriting and administrative expense ratio</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TR>
<TD VALIGN="top"> Combined ratio</TD>
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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)</TD>
<TR>
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<TR>
<TD VALIGN="top"> Diluted earnings per share</TD>
<TD VALIGN="top"> Income excluding net realized gains (losses) (1)</TD>
<TR>
<TR>
<TD VALIGN="top"> Book value per common share</TD>
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<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>
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</TABLE> 
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top">See page 26 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> 
<TR>
<TD VALIGN="top"> Financial Highlights</TD>
<TD VALIGN="bottom" ALIGN="right">Page 1</TD></TR>
</TABLE>
<TR>
<TR>
<TD VALIGN="top">

STYLE="font-family:Times New Roman" SIZE="2">Consolidated Results - Consecutive Quarters (
(Unaudited)</TD>
</TABLE> ACE Limited
Consolidated 
<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
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<TD></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">3Q-09</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">YTD 2009</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Full Year 2008</TD>
<TD VALIGN="top"> Consolidated Results Excluding Life Segment</TD>
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<TR>
<TR>
27 of 177
SIZE="2">Gross premiums written</TD>
SIZE="2">Net premiums written</TD>
SIZE="2">Net premiums earned</TD>
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<TR>
<TD VALIGN="top"> Policy benefits</TD>
<TD VALIGN="top"> Policy acquisition costs</TD>
<TR>
<TD VALIGN="top"> Administrative expenses</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Underwriting income excluding life segment</TD>
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<TR>
<TR>
<TD VALIGN="bottom" ALIGN="right">(1,633</TD>
29 of 177
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> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
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SIZE="2">Other income (expense) Income tax expense (benefit)</TD>
SIZE="2">Net income</TD>
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<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
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SIZE="2">Net realized gains (losses) in other income (expense) Tax expense (benefit) on net realized gains (losses)</TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="right">-5</TD>
32 of 177
SIZE="2">% Change versus prior year period </TD>
SIZE="2">Net premiums written</TD>
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<TR>
<TR>
<TR>
33 of 177
Roman" SIZE="2">Net premiums written constant $</TD>
Roman" SIZE="2">Net premiums earned constant $</TD>
Roman" SIZE="2">Other ratios</TD>
Roman" SIZE="2">Net premiums written/gross premiums written</TD>
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<TR>
<TR>
<TR>
34 of 177
SIZE="2">Effective tax rate on income excluding net realized gains (losses)</TD>
SIZE="2">Combined ratio Loss and loss expense ratio</TD>
SIZE="2">Policy acquisition cost ratio</TD>
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<TR>
<TD VALIGN="top"> Administrative expense ratio</TD>
<TD> </TD>
<TD> </TD>
<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>
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<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Expense ratio</TD>
<TD VALIGN="top"> Expense ratio excluding A&H</TD>
<TR>
<TR>
<TD VALIGN="top"> Large losses and other items (before tax) (3)</TD>
<TD VALIGN="top"> Reinstatement premiums (expensed) collected</TD>
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<TR>
<TD VALIGN="top"> Catastrophe losses</TD>
<TD VALIGN="top"> Prior period development excluding Life - unfavorable (favorable) 
<TD VALIGN="top"> Loss and loss expense ratio excluding catastophe losses and prior period development</TD>
<TR>
<TD ALIGN="left" VALIGN="top">Net realized investment and derivative losses related to unconsolidated entities. </TD></TR></TABLE> 
<TR>
<TD ALIGN="left" VALIGN="top">See page 26 Non-GAAP Financial Measures. </TD></TR></TABLE> 
<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></
STYLE="margin-top:0px;margin-bottom:-6px"> 
<TR>
<TD ALIGN="left" VALIGN="top">For YTD 2008, prior period favorable development of $562 million less $44 million of profit share commission on Crop business settlement. </
<TR>
<TR>
<TD VALIGN="top"> Consolidated Results</TD>
</TABLE>
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<TR>
<TR>
<TD VALIGN="top">

STYLE="font-family:Times New Roman" SIZE="2">Summary Consolidated Balance Sheets (in milli
per share data)</TD>
<TR>
<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">June 30 2009</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">March 31 2009</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">December 31 2008</TD>
<TR>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center">(Unaudited)</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center">(Audited)</TD>
<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>
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<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TR>
39 of 177
SIZE="2">Other investments</TD>
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 on losses and loss expenses</TD>
SIZE="2">Deferred policy acquisition costs</TD>
SIZE="2">Value of business acquired</TD>
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<TR>
<TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD> </TD>
<TD> </TD>
<TD> </TD></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>
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<TR>
<TR>
<TR>
<TR>
<TR>
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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>
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<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TR>
<TD> </TD>
<TD> </TD>
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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>
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<TD> </TD></TR>
<TD VALIGN="top"> Total shareholders equity</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Total liabilities and shareholders equity</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Book value per common share 
<TD VALIGN="top"> Tangible book value per common share 
<TD ALIGN="left" VALIGN="top">See page 26 Non-GAAP Financial Measures. </TD></TR></TABLE> <
<TR>
<TR>
<TD VALIGN="top"> Consol Bal Sheet</TD>
</TABLE>
<TR>
<TR>
<TD VALIGN="top">

<TD VALIGN="top" ALIGN="center"> ACE Limited Consolidated Premiums and Income Excluding Ne
Line of Business (in millions of U.S. dollars) (Unaudited)</TD>

<TD VALIGN="top"></TD></TR>
Consolidated 
<TR>
<TD></TD>
<TD></TD>
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<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">% Change 3Q-09 vs. 3Q-08</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000">% Change YTD-09 vs. YTD-08</TD>
<TD VALIGN="top"> Net premiums written</TD>
<TR>
<TD VALIGN="top"> Property and all other</TD>
<TD VALIGN="top"> Casualty</TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Subtotal</TD>
<TD VALIGN="top"> Personal accident (A&H) 
<TD VALIGN="top"> Life </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Total Consolidated</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Add: Life premiums on investment contracts</TD>
<TD> </TD>
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<TD> </TD></TR>
<TD VALIGN="top"> Non-GAAP Total Net Premium Written</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">3,264</TD>
<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>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Subtotal</TD>
<TR>
<TD VALIGN="top"> Life </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"> Income excluding net realized gains (losses)</TD>
<TR>
<TD VALIGN="top"> Property, casualty, and all other</TD>
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<TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
50 of 177
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<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 VALIGN="top"> Line of Business</TD>
</TABLE>
<TR>
<TR>
<TD VALIGN="top">

STYLE="font-family:Times New Roman" SIZE="2">Consolidated Premiums and Income Excluding Ne
Line of Business, Adjusted for Foreign Exchange (in millions of U.S. dollars) (Unaudited)</TD>
Consolidated Constant Dollar 
<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="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Constant $ 3Q-08 </TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000">Constant $ % Change 3Q-09 vs. 3Q-08Constant $ YTD 08 (3)</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000">Constant $ % Change YTD-09 vs. YTD-08 Net premiums written</TD>
51 of 177
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<TR>
<TR>
<TD> </TD>
<TD> </TD></TR>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Net premiums earned</TD>
52 of 177
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<TR>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Income excluding net realized gains (losses)</TD>
53 of 177
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<TR>
<TR>
<TD> </TD>
<TD> </TD></TR>
<TD> </TD>
<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> 
<TD ALIGN="left" VALIGN="top">Prior year on a constant dollar basis. </TD></TR></TABLE> 
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<TR>
<TD VALIGN="top"> Line of Business 2</TD>
</TABLE>
<TR>
<TR>
<TD VALIGN="top">

STYLE="font-family:Times New Roman" SIZE="2">Consolidating Statement of Operations Three m
2009 and 2008 (in millions of U.S. dollars) (Unaudited)</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>
<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"> September 30, 2009</TD>
<TR>
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<TR>
<TD VALIGN="top"> Losses and loss expenses</TD>
<TR>
56 of 177
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<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
57 of 177
SIZE="2">Administrative expenses</TD>
SIZE="2">Underwriting income (loss)</TD>
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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>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Net income (loss)</TD>
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<TR>
<TD VALIGN="top"> Net realized gains (losses)</TD>
<TD VALIGN="top"> Net realized gains (losses) in other income (expense)</TD>
<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>
<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> </TD></TR>
<TR>
<TD VALIGN="top"> September 30, 2008</TD>
<TR>
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<TR>
<TR>
<TD> </TD>
<TD> </TD>
61 of 177
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Underwriting income (loss)</TD>
<TR>
<TR>
62 of 177
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
63 of 177
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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></TR>
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<TD VALIGN="top"> Income (loss) excluding net realized gains (losses), constant $ </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TD ALIGN="left" VALIGN="top">Prior year on a constant dollar basis. </TD></TR></TABLE> 
<TR>
<TD VALIGN="top"> Segment 2009 Qtr</TD>
</TABLE>
<TR>
<TR>
<TD VALIGN="top">

STYLE="font-family:Times New Roman" SIZE="2">Segment Results - Consecutive Quarters (in mi
 (Unaudited)</TD>
</TABLE> 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>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
65 of 177
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<TR>
<TR>
66 of 177
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<TR>
<TD> </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>
68 of 177
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
69 of 177
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<TR>
<TD> </TD>
<TD> </TD>
<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>
<TD> </TD>
70 of 177
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<TD> </TD></TR>
<TR>
<TR>
<TR>
71 of 177
Roman" SIZE="2">Combined ratio</TD>
Roman" SIZE="2">Loss and loss expense ratio</TD>
Roman" SIZE="2">Policy acquisition cost ratio</TD>
Roman" SIZE="2">Administrative expense ratio</TD>
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<TD> </TD>
<TD> </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>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Large losses and other items (before tax)</TD>
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<TR>
<TR>
<TD VALIGN="top"> Prior period development - unfavorable (favorable) Loss and loss expense ratio excluding catastophe losses and prior period development</TD>
<TR>
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<TR>
<TR>
<TR>
<TR>
74 of 177
Roman" SIZE="2">% Change versus prior year period</TD>
Roman" SIZE="2">Net premiums written</TD>
Roman" SIZE="2">Net premiums earned</TD>
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<TD VALIGN="top"> Net premiums written/gross premiums written</TD>
<TR>
<TR>
<TD ALIGN="left" VALIGN="top">For YTD 2008, prior period favorable development of $249 million less $44 million of profit share commission on Crop business settlement. </
<TR>
<TR>
<TD VALIGN="top"> Insurance-North American</TD>
</TABLE>
<TR>
<TR>
<TD VALIGN="top">

</TABLE> Insurance Overseas General 
<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></TR>
<TR>
75 of 177
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<TR>
<TR>
76 of 177
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<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Underwriting income</TD>
77 of 177
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<TR>
<TR>
78 of 177
SIZE="2">Other income (expense)</TD>
SIZE="2">Income tax expense</TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
79 of 177
SIZE="2">Net realized gains (losses) in other income (expense)</TD>
SIZE="2">Tax expense (benefit) on net realized gains (losses)</TD>
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<TD> </TD>
<TD> </TD>
<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>
<TD> </TD>
<TD> </TD></TR>
<TR>
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<TR>
<TD VALIGN="top"> Policy acquisition cost ratio</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
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<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>
83 of 177
SIZE="2">Prior period development - unfavorable (favorable)</TD>
SIZE="2">Loss and loss expense ratio excluding catastophe losses and prior period development</TD>
SIZE="2">% Change versus prior year period</TD>
SIZE="2">Net premiums written as reported</TD>
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<TR>
<TR>
84 of 177
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>
8/15/11 11:45 AM
<TR>
<TD VALIGN="top"> Income excluding net realized gains (losses), constant $</TD>
<TR>
<TD VALIGN="top"> Other ratios</TD>
<TR>
<TD VALIGN="top"> Net premiums written/gross premiums written</TD>
<TR>
<TR>
<TR>
<TD VALIGN="top"> Insurance-Overseas General</TD>
</TABLE>
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<TR>
<TR>
<TD VALIGN="top">

</TABLE> Global Reinsurance
 
<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<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>
87 of 177
SIZE="2">Policy acquisition costs</TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Underwriting income</TD>
<TR>
<TR>
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<TD VALIGN="top"> Income tax expense</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
89 of 177
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<TR>
<TD> </TD>
<TD> </TD>
<TD> </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>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
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<TR>
<TD VALIGN="top"> Policy acquisition cost ratio</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
91 of 177
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<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>
93 of 177
SIZE="2">Catastrophe losses</TD>
SIZE="2">Prior period development - unfavorable (favorable)</TD>
SIZE="2">Loss and loss expense ratio excluding catastophe losses and prior period development</TD>
SIZE="2">% Change versus prior year period</TD>
8/15/11 11:45 AM
<TR>
<TR>
<TR>
94 of 177
Roman" SIZE="2">Net premiums written</TD>
Roman" SIZE="2">Net premiums earned</TD>
Roman" SIZE="2">Net premiums written/gross premiums written</TD>
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<TR>
<TR>
<TR>
<TD VALIGN="top"> Global Reinsurance</TD>
</TABLE>
<TR>
<TR>
<TD VALIGN="top">

</TABLE> 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>
<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">3Q-09</TD>
<TD VALIGN="top"> Gross premiums written 
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<TR>
<TR>
96 of 177
SIZE="2">Policy benefits</TD>
SIZE="2">Policy acquisition costs</TD>
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<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
97 of 177
SIZE="2">Life underwriting income 
<TR>
<TR>
<TD VALIGN="top"> Income tax expense</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
98 of 177
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<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Net
<TR>
<TR>
<TR>
<TD VALIGN="top"> Tax
99 of 177
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 11:45 AM

<TD> </TD>
<TD> </TD>
<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>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Prior period development - unfavorable (favorable)</TD>
<TD VALIGN="top"> % Change versus prior year period</TD>
100 of 177
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<TR>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">230
STYLE="font-family:Times New Roman" SIZE="2"></TD>
<TD NOWRAP VALIGN="bottom">%(4) </TD></TR>
STYLE="font-family:Times New Roman" SIZE="2"> </TD></TR>
<TR>
<TD ALIGN="left" VALIGN="top">Consistent with GAAP, premiums collected on universal life and investment contracts are considered deposits and excluded from revenues. For
30, 2009, June 30, 2009, March 31, 2009, December 31, 2008, and September 30, 2008, premiums or deposits collected on investment and universal life contracts that are excluded from premium revenue above are $108.8 million
million, $29.2 million, and $18.8 million, respectively. Fees on universal life and investment contracts are revenue for GAAP and have been classified as premium. For the quarters ended September 30, 2009, June 30, 2009,
2008, and September 30, 2008, fees reflected as gross premiums written are $8.4 million, $7.7 million, $7.1 million, $5.6 million, and $4.5 million, respectively. </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>
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<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>
</TABLE>
<TR>
<TR>
<TD VALIGN="top">

STYLE="font-family:Times New Roman" SIZE="2">Segment Results - Life Reinsurance (in millio
dollars) (Unaudited)</TD>
</TABLE> Variable Annuity
(VA) Lines Historical Cash Flow Summary by Quarter Death Benefits (GMDB) 
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<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 2008</TD></TR>
<TD VALIGN="top"> Premium</TD>
<TR>
<TD VALIGN="top"> Less paid claims</TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD VALIGN="top"> Net</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TR>
<TR>
<TD VALIGN="top"> Living Benefits (Includes GMIB and GMAB)</TD>
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<TR>
<TR>
<TR>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> </TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> </TD></TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TR>
<TR>
<TD VALIGN="top">Total VA Guaranteed Benefits</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>
<TD> </TD>
</TABLE> Amounts represent accrued
past premium received and claims paid by quarter, split by benefit type. Death Benefits (GMDB) At current market levels we expect approximately $135 million of claims and $103 million of premium on death benefits over the next 12 months. Living Benefits (Includes GMIB and GMAB) </F
STYLE="margin-top:0px;margin-bottom:0px">Premiums and claims from VA contracts reinsuring Guaranteed Minimum Income Benefits (GMIB) and Guaranteed Minimum Accumulation Be
known as Living Benefits. At current
approximately $1 million of claims and $152 million of premium on living benefits over the next 12 months. 
<TR>
<TR>
<TD VALIGN="top"> Variable Annuity</TD>
</TABLE>
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<TR>
<TR>
<TD VALIGN="top">

STYLE="font-family:Times New Roman" SIZE="2">Loss Reserve Rollforward (in millions of U.S.
STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center">(Unaudited)</TD>
<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">Total</TD>
<TR>
<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, 2007</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">37,112</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>
<TR>
<TD VALIGN="top"> Other (incl. foreign exch. revaluation)</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Balance at March 31, 2008</TD>
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<TR>
<TR>
<TR>
<TD VALIGN="top"> Losses and loss expenses acquired </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Balance at June 30, 2008</TD>
<TR>
<TR>
<TD> </TD>
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<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Balance at September 30, 2008</TD>
<TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Balance at December 31, 2008</TD>
<TR>
<TR>
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<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Balance at March 31, 2009</TD>
<TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Balance at June 30, 2009</TD>
<TR>
<TR>
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<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Balance at September 30, 2009</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Add net recoverable on paid losses</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Balance including net recoverable on paid losses</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD ALIGN="left" VALIGN="top">Combined Insurance. </TD></TR></TABLE> 
<TR>
<TR>
<TD VALIGN="top"> Loss Reserve Rollforward</TD>
</TABLE>
<TR>
<TR>
<TD VALIGN="top">

STYLE="font-family:Times New Roman" SIZE="2">Reinsurance Recoverable Analysis (in millions
dollars) (Unaudited)</TD>
</TABLE> Net Reinsurance
Recoverable by Division 
<TR>
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<TD></TD>
<TD></TD></TR>
<TR>
<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>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Total</TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
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SIZE="2">Reinsurance recoverable on unpaid losses and loss expenses</TD>
SIZE="2">Active operations</TD>
SIZE="2">Brandywine</TD>
SIZE="2">Westchester Run-off</TD>
SIZE="2">Other Run-off</TD>
SIZE="2">Total</TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
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SIZE="2">Gross reinsurance recoverable</TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
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SIZE="2">Provision for uncollectible reinsurance</TD>
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<TD> </TD>
<TD> </TD>
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<TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
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SIZE="2">Net reinsurance recoverable</TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TD VALIGN="top"> Reinsurance Recoverable</TD>
</TABLE>
<TR>
<TR>
<TD VALIGN="top">

STYLE="font-family:Times New Roman" SIZE="2">Investment Portfolio (in millions of U.S. dol
<TR>
<TD></TD>
<TD></TD>
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<TD></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="5" ALIGN="center" STYLE="border-bottom:1px solid #000000">September 30 June 30 March 31 <
<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>
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<TD VALIGN="top"> Fixed maturities held to maturity</TD>
<TR>
<TD VALIGN="top"> Short-term investments</TD>
<TD> </TD>
<TD> </TD>
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<TD> </TD>
<TD> </TD>
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<TD> </TD>
<TD> </TD>
<TR>
<TD VALIGN="top"> Asset Allocation by Market Value</TD>
<TD VALIGN="top"> Treasury</TD>
<TR>
<TD VALIGN="top"> Agency</TD>
<TD VALIGN="top"> Corporate</TD>
<TR>
<TD VALIGN="top"> Mortgage-backed securities</TD>
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<TD VALIGN="top"> Asset-backed securities</TD>
<TR>
<TD VALIGN="top"> Municipal</TD>
<TD VALIGN="top"> Non-U.S.</TD>
<TR>
<TD VALIGN="top"> Short-term investments</TD>
<TD> </TD>
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<TD> </TD>
<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>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TD VALIGN="top" COLSPAN="28">Note: Insured municipal bonds represent $942 million, or 39% of our municipal bond holdings.</TD>
<TD VALIGN="top"> </TD></TR>
<TR>
<TD VALIGN="top"> Credit Quality by Market Value</TD>
<TR>
<TD VALIGN="top"> AAA</TD>
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<TD VALIGN="top"> AA</TD>
<TR>
<TD VALIGN="top"> A</TD>
<TD VALIGN="top"> BBB</TD>
<TR>
<TD VALIGN="top"> BB</TD>
<TD VALIGN="top"> B</TD>
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<TR>
<TD VALIGN="top"> Other</TD>
<TD> </TD>
<TD> </TD>
<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>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Cost/Amortized Cost</TD>
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<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TR>
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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>
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<TD VALIGN="top"> Equity securities</TD>
<TR>
<TD VALIGN="top"> Other investments</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TR>
<TD VALIGN="top"> Avg. duration of fixed maturities</TD>
<TD VALIGN="bottom" ALIGN="right">3.6 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>
<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
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<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>
</TABLE>
<TR>
<TR>
<TD VALIGN="top">

STYLE="font-family:Times New Roman" SIZE="2">Investment Portfolio - 2 (in millions of U.S.
</TABLE> Mortgage-backed and
Asset-backed Fixed Income Portfolio Market Value at September 30, 2009 
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
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<TD></TD>
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<TD></TD>
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<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>
<TD VALIGN="top"> GNMA</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TR>
<TD VALIGN="top"> FNMA</TD>
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<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>
<TR>
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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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<TR>
<TD VALIGN="top"> Total asset-backed securities</TD>
</TABLE> Insured asset-backed
securities represent $52 million, or 12% of our asset-backed security holdings. 
<TR>
<TR>
<TD VALIGN="top"> Investments 2</TD>
</TABLE>
<TR>
<TR>
<TD VALIGN="top">

Asset-backed Fixed Income Portfolio Market Value at September 30, 2009 Mortgage-backed securities total $11.2 billio
AAA and comprise 26% of the fixed income portfolio. This compares to a 41% mortgage-backed weighting in representative indices of the U.S. fixed income market. The minimum rating for initial purchases of mortgage and asse
 ACE suspended new investments in sub3Q 2007 and ALT-A, credit card, and auto backed securities in 1Q 2008 and suspended new investments in CMBS in Q1 2009. Securities issued by Federal agencies with implied or explicit government guarantees total $7.6 billion and represent 83%
mortgage-backed portfolio. Non-age
mortgage-backed securities are backed by prime collateral, and broadly diversified in over 280,000 loans. The portfolios loan-to-value ratio is approximately 70% with an average FICO score of 732. With this cons
and subordinated collateral of 13%, the cumulative 5-year foreclosure rate would have to rise to 20% and real estate values would have to fall 30% from their current levels before principal is impaired. The comparable his
foreclosure rate is 8% for prime mortgages. <FONT STYLE="font-family:Times New Roman" SI
of prime non-agency RMBS are $157 million of holdings classified as ALT-A. These ALT-A holdings are broadly diversified with over 60% issued prior to 2006. The average FICO score is 714 with a relatively conservative loan
subordinated collateral of 21%, the cumulative 5-year foreclosure rate would have to rise to 32% and real estate values would have to fall more than 27% from their current levels before principal is impaired. The comparab
rate is approximately 30%. Commerc
securities of $2.1 billion are rated predominantly AAA, broadly diversified with over 25,000 loans and seasoned with 73% of the portfolio issued before 2006. The average loan-to-value ratio is approximately 66% with a
in excess of 1.7 and weighted average subordinated collateral of 27%. The cumulative foreclosure rate would have to rise to 42% and commercial real estate values would have to fall more than 30% from their current levels
impaired. The current annual delinquency rate is 4%. (current holdings of $55 million) are broadly diversified in over 90,000 loans with an average loan-to-value ratio of approximately 81% and an average FICO score of 600. With subordinated colla
5-year foreclosure rate would have to rise to 45% and real estate values would have to fall more than 19% from their current levels before principal is impaired. The comparable historical cumulative 5-year foreclosure rat
STYLE="margin-top:0px;margin-bottom:0px"> Auto loan asset-backed securities are rated p
short duration of approximately 0.5 years and average subordinated collateral of 17%. Annual default rates would have to rise to 16 times their current level of about 2.4% before principal is impaired. 
<TR>
</TABLE>
<TR>
<TR>
<TD VALIGN="top">

Asset-backed Fixed Income Portfolio Amortized Cost at September 30, 2009 
<TD></TD>
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<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>
<TR>
<TD VALIGN="top"> FNMA</TD>
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<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>
<TR>
<TD VALIGN="top"> Commercial mortgage-backed</TD>
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<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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<TR>
<TD VALIGN="top"> Total asset-backed securities</TD>
</TABLE> Insured asset-backed
securities represent $62 million, or 13% of our asset-backed security holdings. 
<TR>
<TR>
</TABLE>
<TR>
<TR>
<TD VALIGN="top">

</TABLE> Market Value at
September 30, 2009 
<TR>
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<TD></TD>
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<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>
<TD VALIGN="top"> Energy</TD>
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<TD VALIGN="top"> Industrial</TD>
<TR>
<TD VALIGN="top"> Utilities</TD>
<TD VALIGN="top"> All Others</TD>
<TR>
<TD VALIGN="top"> Total</TD>
</TABLE> U.S. Investment Grade
Corporate Fixed Income Portfolio <FONT STYLE="font-family:Times New Roman" SIZE="2"
of ACEs US investment grade bond portfolio is very high at AA. 59% of investment grade securities holdings are rated AAA or guaranteed by governments or quasi-government agencies. ACE prohibits investments in complex structured securities (e.g. CDOs, CLOs) and over-the-counter d
permit the use of portfolio leverage. <FONT STYLE="font-family:Times New Roman" SIZE="2"
highly diversified across industries and geographies. Issuer limits are based on credit rating (AA 2%, A 1%, BBB 0.5% of total portfolio) and are monitored on a daily basis by ACE via an internal compliance system. 
<TR>
</TABLE>
<TR>
<TR>
<TD VALIGN="top">
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<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"> 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>
<TD VALIGN="top"> Energy</TD>
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<TR>
<TD VALIGN="top"> Industrial</TD>
<TD VALIGN="top"> Utilities</TD>
<TR>
<TD VALIGN="top"> All Others</TD>
<TD VALIGN="top"> Total</TD>
</TABLE> Below Investment Grade
Corporate Fixed income Portfolio <FONT STYLE="font-family:Times New Roman" SIZE="2"
bonds as a distinct and separate asset class from investment grade bonds. ACEs allocation to high yield bonds is explicitly set by internal management and is targeted to securities in the upper tier of credit qualit
for initial purchase is BB/B. Four ex
are responsible for high yield security selection and portfolio construction. ACEs high yield managers have a conservative approach to credit selection and very low historical default experience. Securities holdings are highly diversified across industries and are subject to a 1.5% issuer limit as a percentag
(or 0.1% of total portfolio). The portfolio is comprised of over 500 issuers with our largest current issuer exposure at $68 million. ACE monitors position limits on a daily basis through an internal compliance system. </
STYLE="margin-top:0px;margin-bottom:0px"> Derivative and structured securities (e.g. credit de
permitted in high yield portfolios. 
<TR>
<TR>
</TABLE>
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<TR>
<TR>
<TD VALIGN="top">

<TR>
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<TD></TD>
<TD></TD></TR>
<TR>
<TR>
<TD VALIGN="top"> Non-U.S. Fixed Income Portfolio</TD>
<TR>
<TD VALIGN="top"> United Kingdom</TD>
<TD VALIGN="top"> Germany</TD>
<TR>
<TD VALIGN="top"> France</TD>
<TD VALIGN="top"> Canada</TD>
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<TR>
<TD VALIGN="top"> Japan</TD>
<TD VALIGN="top"> Other Foreign Government</TD>
<TR>
<TD VALIGN="top"> Non-U.S. Corporate</TD>
</TABLE> Non-U.S. Fixed Income
Portfolio ACEs non-U.S. in
portfolios are currency-matched with the insurance liabilities of ACEs non-U.S. operations. 89% of ACEs non-U.S. fixed income is denominated in G7 currencies. Average credit quality of non-U.S. fixed income securities is very high at AA and 63% of holdings are rated AAA or
or quasi-government agencies. Corpora
diversified across industries and geographies. Issuer limits are based on credit rating (AA 2%, A 1%, BBB 0.5% of total portfolio) and are monitored on a daily basis by ACE via an internal compliance system. <
<TR>
<TR>
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</TABLE>
<TR>
<TR>
<TD VALIGN="top">

</TABLE> Investment
portfolio Top 25 Exposures - Fixed Maturity Investments 
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="4" NOWRAP> September 30, 2009</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="center">AA+</TD></TR>
<TR>
<TD VALIGN="top"> JP Morgan Chase & Co</TD>
<TD VALIGN="bottom" ALIGN="center">A+</TD></TR>
<TD VALIGN="top"> Bank of America Corp</TD>
<TD VALIGN="bottom" ALIGN="center">A</TD></TR>
<TR>
<TD VALIGN="top"> Wells Fargo & Co</TD>
<TD VALIGN="bottom" ALIGN="center">AA-</TD></TR>
<TD VALIGN="top"> Verizon Communications Inc</TD>
<TR>
<TD VALIGN="top"> Citigroup Inc</TD>
<TD VALIGN="top"> AT&T INC</TD>
<TR>
<TD VALIGN="top"> Goldman Sachs Group Inc</TD>
<TD VALIGN="top"> Morgan Stanley</TD>
<TR>
<TD VALIGN="top"> HSBC Holdings Plc</TD>
<TD VALIGN="top"> Comcast Corp</TD>
<TD VALIGN="bottom" ALIGN="center">BBB+</TD></TR>
<TR>
<TD VALIGN="top"> Credit Suisse Group</TD>
<TD VALIGN="top"> Lloyds TSB Group Plc</TD>
<TR>
<TD VALIGN="top"> Telecom Italia SpA</TD>
<TD VALIGN="bottom" ALIGN="center">BBB</TD></TR>
<TD VALIGN="top"> ConocoPhillips</TD>
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<TR>
<TD VALIGN="bottom" ALIGN="center">A+</TD></TR>
<TR>
<TR>
<TD VALIGN="bottom" ALIGN="center">A-</TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="center">AA</TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="center">A-</TD></TR>
SIZE="2">Time Warner Cable Inc</TD>
SIZE="2">Barclays PLC</TD>
SIZE="2">XTO Energy Inc</TD>
SIZE="2">American Express Co</TD>
SIZE="2">Roche Holding AG</TD>
SIZE="2">Dominion Resources Inc/VA</TD>
SIZE="2">News Corp Ltd</TD>
SIZE="2">Banco Santander SA</TD>
SIZE="2">Deutsche Telekom AG</TD>
SIZE="2">Vodafone Grouping PLC</TD>

<TR>
<TR>
</TABLE>
<TR>
<TR>
<TD VALIGN="top" ROWSPAN="4">
<TD VALIGN="bottom" ALIGN="center">ACE Limited</TD>
<TR>
<TD VALIGN="top" ALIGN="center">Net Realized and Unrealized Gains (Losses)</TD>
<TR>
<TD VALIGN="top" ALIGN="center">(in millions of U.S. dollars)</TD>
<TR>
<TD VALIGN="top" 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>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
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<TD></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="9" ALIGN="center" STYLE="border-bottom:1px solid #000000">Three months ended September 30, 2009</TD>
<TD VALIGN="bottom" COLSPAN="9" ALIGN="center" STYLE="border-bottom:1px solid #000000">Nine months ended September 30, 2009</TD>
<TR>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Net Realized Gains (Losses) Net Unrealized Gains (Losses)</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Net Impact</
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">Net Unrealized Gains (Losses) Fixed maturities</TD>
<TR>
<TD VALIGN="top"> Equity and fixed income derivatives</TD>
<TR>
<TD VALIGN="top"> Foreign exchange gains (losses)</TD>
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<TD> </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> </TD></TR>
<TR>
<TD VALIGN="top"> Total gains (losses)</TD>
<TD VALIGN="top"> Partially-owned entities 
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Net gains (losses)</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD ALIGN="left" VALIGN="top">Other-than-temporary impairments for the quarter of $58 million include $39 million for fixed maturities, $nil million for equities and $19
investments. Year to date other-than-temporary impairments of $364 million include $217 million for fixed maturities, $26 million for equities and $121 million for other investments. </TD></TR></TABLE> 
<TD ALIGN="left" VALIGN="top">Excludes $242 million of change in unrealized losses, net of tax of $63 million, related to the adoption of certain provisions that amended
other-than-temporary impairments. </TD></TR></TABLE> 
<TR>
<TD ALIGN="left" VALIGN="top">The quarter includes $209 million of realized losses on the life reinsurance operations which is comprised of a $65 million loss on guarante
derivatives and $144 million of losses on other derivatives, including S&P put options and futures. Year to date includes $82 million of realized losses on the life reinsurance operations which is comprised of a $218
minimum income benefit derivatives offset by $300 million of losses on other derivatives, including S&P put options and futures. </TD></TR></TABLE> &n
<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>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
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<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1px solid #000000">Three months ended September 30, 2008</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1px solid #000000">Nine months ended September 30, 2008</TD>
<TR>
<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>
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<TD> </TD>
<TD> </TD>
<TD> </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> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Total gains (losses)</TD>
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<TD VALIGN="top"> Partially-owned entities 
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Net gains (losses)</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD ALIGN="left" VALIGN="top">Impairments for the quarter of $224 million include $196 million for fixed maturities, $28 million for equities and $nil for other investmen
of $623 million include $495 million for fixed maturities, $103 million for equities and $25 million for other investments. </TD></TR></TABLE> </FON
<TR>
<TD ALIGN="left" VALIGN="top">Includes $161 million and $279 million of realized losses primarily on the guaranteed minimum income benefit derivatives from our life reins
quarter and year to date, respectively. </TD></TR></TABLE> 
<TR>
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<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>
</TABLE>
<TR>
<TR>
<TR>
<TD VALIGN="top" ALIGN="center">Capital Structure</TD>
<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></TR>
<TR>
<TD VALIGN="top"> Total short-term debt</TD>
<TR>
<TD VALIGN="top"> Total long-term debt</TD>
<TD> </TD>
<TD> </TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Total debt</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Total trust preferred securities</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Perpetual preferred shares</TD>
<TR>
<TD VALIGN="top"> Common shareholders equity</TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TR>
<TR>
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SIZE="2">Total shareholders equity</TD>
SIZE="2">Total capitalization</TD>
SIZE="2">Tangible capital Leverage ratios</TD>
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<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>
<TD VALIGN="top"> Capital Structure</TD>
</TABLE>
<TR>
<TR>
<TR>
<TD VALIGN="top" ALIGN="center">Debt, Trust Preferred and Credit Facilities</TD>
<TR>
<TR>
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<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 INA Holdings Inc. Subordinated Notes</TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom">8.41</TD>
<TD VALIGN="bottom">December 6, 2009</TD></TR>
<TD VALIGN="top"> ACE European Holdings No2 Limited Term Loan</TD>
<TR>
<TD VALIGN="top"> ACE INA Holdings Inc. Term Loan</TD>
<TD VALIGN="top"> ACE INA Holdings Inc. Term Loan</TD>
<TD VALIGN="bottom">April 1, 2013</TD></TR>
<TR>
<TD VALIGN="top"> ACE INA Holdings Inc. Senior Notes</TD>
<TD VALIGN="bottom">June 15, 2014</TD></TR>
<TD VALIGN="bottom">May 15, 2015</TD></TR>
<TR>
<TD VALIGN="bottom">February 15, 2017</TD></TR>
<TD VALIGN="bottom">March 15, 2018</TD></TR>
<TR>
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<TD VALIGN="bottom">June 15, 2019</TD></TR>
<TD VALIGN="top"> ACE INA Holdings Inc. Debentures</TD>
<TD VALIGN="bottom">August 15, 2029</TD></TR>
<TR>
<TD VALIGN="top"> ACE Capital Trust II Capital Securities</TD>
<TD VALIGN="bottom">April 1, 2030</TD></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>
<TD VALIGN="top"> Revolving Credit / LOC Facility</TD>
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<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>
<TR>
<TD VALIGN="top"> Capital Structure 2</TD>
</TABLE>
<TR>
<TR>
<TR>
<TD VALIGN="top" ALIGN="center">Computation of Basic and Diluted Earnings Per Share</TD>
<TR>
<TD VALIGN="top" 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>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
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<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1px solid #000000">Three months ended September 30</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1px solid #000000">Nine months ended September 30</TD>
<TR>
<TD VALIGN="top"> Numerator</TD>
<TR>
<TD VALIGN="top"> Perpetual preferred dividend</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Income to common shares, excl. net realized gains (losses)</TD>
<TD VALIGN="top"> Net realized gains (losses), net of income tax</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
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<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Net income available to the holders of common shares</TD>
<TD> </TD>
<TD> </TD>
<TD> </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">336,097,451</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>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Shares - end of period</TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
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SIZE="2">Denominator Weighted average shares outstanding</TD>
SIZE="2">Effect of other dilutive securities</TD>
SIZE="2">Adj. wtd. avg. shares outstanding and assumed conversions</TD>
SIZE="2">Basic earnings per share</TD>
8/15/11 11:45 AM
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
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SIZE="2">Net realized gains (losses), net of income tax</TD>
SIZE="2">Diluted earnings per share</TD>
SIZE="2">Net realized gains (losses), net of income tax</TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TR>
<TD ALIGN="left" VALIGN="top">The current and prior year calculations have been amended due to the adoption of certain provisions included in Accounting Standards Codific
Per Share. These provisions provide additional guidance on the calculation of earnings per share and require unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (wh
included in the computation of earnings per share pursuant to the two-class method. </TD></TR></TABLE> 
<TR>
<TR>
<TD VALIGN="top"> Earnings per share</TD>
</TABLE>
<TR>
<TR>

<TR>
<TD VALIGN="top" ALIGN="center">Non-GAAP Financial Measures</TD>
<TR>
<TR>
</TABLE> Regulation G Non-GAAP Financial Measures <FONT STYLE="font-family:Times New R
our 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.
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 page 27. In presenting our segment operating results, we have shown our performance with ref
results. Underwriting results are calculated by subtracting losses and loss expenses, policy benefits, policy acquisition costs, and administrative expenses from net premiums earned. We use underwriting results and operat
results of our operations without the impact of certain factors, including investment income, other income and expenses, interest and income tax expense, and net realized gains (losses). The following non-GAAP measure is a common performance measurement and is defined a
realized gains (losses) and the related tax expense (benefit). We believe this presentation enhances the understanding of our results of operations by highlighting the underlying profitability of our insurance business. W
(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 influenced by, and fluctuates in part according to, the
opportunities. Income excluding net realized gains (losses) should not be viewed as a substitute for net income determined in accordance with GAAP. &n
<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>
<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"> Net realized gains (losses) in other income (expense) 
<TD VALIGN="top"> Income tax expense (benefit) on net realized gains (losses)</TD>
<TD> </TD>
<TD> </TD>
<TD> </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>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
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<TR>
<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
</TD></TR></TABLE> 
<TR>
<TR>
<TD VALIGN="top"> Reconciliation Non-GAAP</TD>
</TABLE>
<TR>
<TR>
<TR>
<TD VALIGN="top" ALIGN="center">Book Value and Book Value per Common Share</TD>
<TR>
<TD VALIGN="top" ALIGN="center">(in millions of U.S. dollars, except share and per share data)</TD>
<TR>
</TABLE> Reconciliation of
Book Value per Common Share 
<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></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">June 30 March 31 <
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000">December 31 September 30 Shareholders equity</TD>
<TR>
<TD VALIGN="top"> Perpetual Preferred shares</TD>
<TD> </TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
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SIZE="2">Numerator for book value per share calculation</TD>
SIZE="2">Less: goodwill and other intangible assets</TD>
SIZE="2">Numerator for tangible book value per share</TD>
SIZE="2">Denominator</TD>
8/15/11 11:45 AM
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Book value per common share</TD>
<TR>
<TD VALIGN="top"> Tangible book value per common share</TD>
<TR>
<TD VALIGN="top">Reconciliation of Book Value</TD>
<TR>
<TR>
<TD VALIGN="top"> Shareholders equity, beginning of quarter</TD>
<TD VALIGN="top"> Income excluding net realized gains (losses)</TD>
<TR>
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<TD VALIGN="top"> Net realized gains (losses), net of tax</TD>
<TD VALIGN="top"> Net unrealized gains (losses), net of tax <
<TR>
<TD VALIGN="top"> Cumulative translation, net of tax</TD>
<TD VALIGN="top"> Dividend declared on common shares</TD>
<TR>
<TD VALIGN="top"> Income tax valuation allowance on the adoption of new OTTI standard</TD>
<TD VALIGN="top"> Other </TD>
<TD> </TD>
<TD> </TD>
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<TD> </TD>
<TD> </TD></TR>
<TR>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD ALIGN="left" VALIGN="top">Net unrealized gain (losses) year-to-date excludes $242 million of change in unrealized losses, net of tax of $63 million, related to the ad
that amended GAAP relating to other-than-temporary impairments (OTTI). </TD></TR></TABLE> 
<TR>
<TD ALIGN="left" VALIGN="top">Other includes proceeds from exercise of stock options, change in minimum pension liability, and stock compensation. </TD></TR></TABL
<TR>
<TR>
<TD VALIGN="top"> Reconciliation Book Value</TD>
</TABLE>
<TR>
<TR>
<TR>
<TD VALIGN="top" ALIGN="center">Comprehensive Income</TD>
<TR>
<TR>
</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>
<TD></TD>
<TD></TD>
<TD></TD>
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<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 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 (2)</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
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<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TR>
<TD VALIGN="top"> Other comprehensive income (loss)</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
<TD VALIGN="top"> Comprehensive income (loss)</TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD> </TD></TR>
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<TR>
<TD ALIGN="left" VALIGN="top">Unrealized appreciation on investments year-to-date for 2009 includes $305 million of losses related to the adoption of certain provisions t
other-than-temporary impairments. </TD></TR></TABLE> 
<TR>
<TD ALIGN="left" VALIGN="top">Income tax expense year-to-date for 2009 includes $63 million related to the adoption of certain provisions that amended GAAP relating to ot
impairments. </TD></TR></TABLE> 
<TR>
<TR>
<TD VALIGN="top"> Comprehensive Income</TD>
</TABLE>
<TR>
<TR>

<TR>
<TD VALIGN="top" ALIGN="center">Glossary</TD>
<TR>
<TR>
</TABLE> Annualized return on
ordinary shareholders equity (ROE): Income excluding net realized gains (losses) less perpetual preferred securities divided by average common shareholders equity for the period. To annualize a quar
 Book value per common share
shareholders equity divided by the shares outstanding. Combined Insurance: Combined Insurance Company of America, acquired April 1, 2008. Combined ratio: The sum of the loss and loss expense ratio, acquisition cost ratio and the administrative expense ratio excluding life business. Calculated on a G
STYLE="margin-top:0px;margin-bottom:0px"> Common shareholders equity: Shar
perpetual preferred shares. Effect
Income tax expense divided by the sum of income tax expense and income excluding net realized gains (losses). FAS 115: Unrealized gains (losses) on investments and the deferred tax component included in shareholders equity. G7: A group of seven industrialized nations including Canada, France, Germany, Italy,
the United States. Life underwriti
premiums earned and net investment income less policy benefits, acquisition costs, and administrative expenses. NM: Not meaningful. Tangible book value per common share: Common shareholders equity less goodwill and other intangible assets di
outstanding. Tangible capital<
less goodwill and other intangible assets. : Short-term debt, long-term debt, trust preferreds, perpetual 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/896159/000119312509214949/0001193125-09-2149...

-----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> <P

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

<IMG SRC="g36082ex99_1a.jpg" ALT="LOGO"></TD>

<TD VALIGN="bottom"><FONT SIZE="1">&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="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman"

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

SIZE="2">Policy benefits </FONT></P></TD>

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

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

SIZE="2">Underwriting income </FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP

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

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

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

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

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

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

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

SIZE="2">Policy acquisition cost ratio </FONT></P></TD>

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

<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">12.1</FONT></TD>

<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">953</FONT></TD>

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

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

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

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

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

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

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

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

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

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

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

<IMG SRC="g36082ex99-1_pg2to32.jpg" ALT="LOGO"></TD>

<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">14&nbsp;-&nbsp;21</FONT></TD></TR>

<IMG SRC="g36082ex99-1_pg2to32.jpg" ALT="LOGO"></TD>

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

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

<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">55.71</FONT></TD>

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

<IMG SRC="g36082ex99-1_pg2to32.jpg" ALT="LOGO"></TD>

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

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

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

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

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

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

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

SIZE="2">Other income (expense) </FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP

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

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

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

<TD VALIGN="bottom" NOWRAP ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">14 - 21</FONT></TD></TR>

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

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

<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 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" 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>

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

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

<TD COLSPAN="1" 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 SIZE="1"> </FONT></TD>

<TD COLSPAN="1" 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"><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 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:1px solid #000000"> </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"><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>