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2004-07-28 ACE Limited (NYSE: ACE) 8-K

2004-07-28 ACE Limited (NYSE: ACE) 8-K

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-----BEGIN PRIVACY-ENHANCED MESSAGE-----Proc-Type: 2001,MIC-CLEAROriginator-Name: webmaster@www.sec.govOriginator-Key-Asymmetric:MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINenTWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQABMIC-Info: RSA-MD5,RSA,L4FdudnCps0x3JhdgUUY23t1qF9bOzY93YCMLc1zm6SZC0HM0R3amwAo2uEyNLSThKqC2AFyvJWvaGtfrmlTFg==<SEC-DOCUMENT>0001193125-04-125504.txt : 20040728<SEC-HEADER>0001193125-04-125504.hdr.sgml : 20040728<ACCEPTANCE-DATETIME>20040727195716 ACCESSION NUMBER:0001193125-04-125504CONFORMED SUBMISSION TYPE:8-KPUBLIC DOCUMENT COUNT:4CONFORMED PERIOD OF REPORT:20040727ITEM INFORMATION:ITEM INFORMATION:Financial statements and exhibitsFILED AS OF DATE:20040728FILER:COMPANY DATA:COMPANY CONFORMED NAME:ACE LTDCENTRAL INDEX KEY:0000896159STANDARD INDUSTRIAL CLASSIFICATION:FIRE, MARINE & CASUALTY INSURANCE [6331]IRS NUMBER:000000000STATE OF INCORPORATION:D0FISCAL YEAR END:1231FILING VALUES:FORM TYPE:8-KSEC ACT:1934 ActSEC FILE NUMBER:001-11778FILM NUMBER:04934326BUSINESS ADDRESS:STREET 1:ACE BLDGSTREET 2:30 WOODBOURNE AVECITY:HAMILTON HM 08 BERMUSTATE:D0ZIP:00000BUSINESS PHONE:8092955200MAIL ADDRESS:STREET 1:P O BOX HM 1015CITY:HAMITON BERMUDSTATE:D0ZIP:00000</SEC-HEADER><DOCUMENT><TYPE>8-K<SEQUENCE>1<FILENAME>d8k.htm <DESCRIPTION>FORM 8-K<TEXT><HTML><HEAD><TITLE>Form 8-K</TITLE></HEAD><BODY BGCOLOR="WHITE"><HR SIZE="3" NOSHADE COLOR="#000000" ALIGN="left"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="5"><B>UNITED STATES </B></FONT></P> <PSTYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="5"><B>SECURITIES AND EXCHANGE COMMISSION </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><SIZE="3"><B>Washington, D.C. 20549 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><HR WIDTH="21%" SIZE="1" NOSHADE COLOR="#000000"> <P STYLE="margin-top:0px;marginSIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="5"><B>FORM 8-K </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE=SIZE="1" NOSHADE COLOR="#000000"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="3">STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="3"><B>Pursuant To Section 13 or 15 (d)STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="3"><B>Securities Exchange Act of 1934 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbSTYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Date of Report (Date of earliest event reported) &#150; July 27, 2004 </B></FONT></P> <P STYLE="margin-top:0px;SIZE="1">&nbsp;</FONT></P><HR WIDTH="21%" SIZE="1" NOSHADE COLOR="#000000"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="centSIZE="6"><B>ACE LIMITED </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>(Exact name of registrant as specified in its charter) </B></FONT></STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><HR WIDTH="21%" SIZE="1" NOSHADE COLOR="#000000"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center"><TR><TD WIDTH="33%"></TD><TD VALIGN="bottom" WIDTH="2%"></TD><TD WIDTH="31%"></TD><TD VALIGN="bottom" WIDTH="2%"></TD><TD WIDTH="32%"></TD></TR><TR><TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Cayman Islands</B></FONT></TD><TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD><TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>1-11778</B></FONT></TD><TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD><TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>98-0091805</B></FONT></TD></TR><TR><TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>(State or other jurisdiction)</B></FONT></TD><TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD><TD VALIGN="top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>(Commission File Number)</B></FONT></TD><TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD><TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>(I.R.S.&nbsp;Employer&nbsp;of&nbsp;Incorporation</B></FONT></P> <P STYLE=" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Identification No.)</B></FONT></P></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>ACE GlobalHeadquarters </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>17 Woodbourne Avenue </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0pxFACE="Times New Roman" SIZE="2"><B>Hamilton HM 08 Bermuda </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>(Address of principal executive ofSTYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Registrant&#146;s telephone number</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Not applicableSTYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>(Former name or former address, if changed since last report) </B></FONT></P> <P STYLE="margin-top:0px;margin-SIZE="1">&nbsp;</FONT></P><HR SIZE="3" NOSHADE COLOR="#000000" ALIGN="left"><p Style='page-break-before:always'><HR SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER"><P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B><I>Item 7. Financial Statements, Pro Forma Financial Information and Exhibits. </I></B></FONT></P> <PSTYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P><TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%"><TR><TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B><I>(c)</I></B></FONT></TD><TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B><I>Exhibits </I></B></FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="90%" BORDER="0" ALIGN="center"><TR><TD WIDTH="3%"></TD><TD VALIGN="bottom" WIDTH="4%"></TD><TD WIDTH="93%"></TD></TR><TR><TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>Exhibit<BR>Number</B></FONT><BR><HR WIDTH="42" SIZE="1" NOSHADE ALIGN="left" COLOR="#000000"></TD><TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD><TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="1"><B>Description</B></FONT></P><HR WIDTH="61" SIZE="1" NOSHADE ALIGN="left" COLOR="#000000"></TD></TR><TR><TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">99.1</FONT></TD><TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD><TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Press release, dated July 27, 2004, reporting second quarter results</FONT></TD></TR><TR><TD HEIGHT="8"></TD><TD HEIGHT="8" COLSPAN="2"></TD></TR><TR><TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">99.2</FONT></TD><TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD><TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Second quarter 2004 Financial Supplement</FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B><I>Item 12. Results of Operationsand Financial Condition </I></B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Rom issued a press release reporting its second quarter 2004 results and the availability of its second quarter financial supplement. The press release and the financial supplement are attached hereto as Exhibitare hereby incorporated herein by reference. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="T with general instruction B.6 of Form 8-K, the information in this report, including exhibits, is furnished pursuant to Item 12 and shall not be deemed &#147;filed&#148; for the purposes of Section 18 of theotherwise subject to the liability of that section. </FONT></P><p Style='page-break-before:always'><HR SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER"><P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>SIGNATURES </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signedduly authorized. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><DIV ALIGN="right"><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0">
http://www.sec.gov/Archives/edgar/data/896159/000119312504125504/0001193125-04-1255...1 of 176 8/12/11 3:54 PM
 
<TR><TD WIDTH="7%"></TD><TD VALIGN="bottom" WIDTH="2%"></TD><TD WIDTH="91%"></TD></TR><TR><TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">ACE LIMITED</FONT></P></TD></TR><TR><TD HEIGHT="16"></TD><TD HEIGHT="16" COLSPAN="2"></TD></TR><TR><TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">By:</FONT></P></TD><TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD><TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">/s/ Philip V. Bancroft</FONT></P><HR WIDTH="96%" SIZE="1" NOSHADE COLOR="#000000" ALIGN="<TR><TD VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD><TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD><TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-left:1.00em; text-indent:-1.00em" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Philip V. Bancroft</FONT></P></TD></TR><TR><TD VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD><TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD><TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-left:1.00em; text-indent:-1.00em" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><I>Chief Financial Officer</I></FONT></P></TD></TR></TABLE></DIV> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">DATE: July 27, 2004 </FONT></P><p Style='page-break-before:always'><HR SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER"><P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>EXHIBIT INDEX </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONTSIZE="1">&nbsp;</FONT></P><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center"><TR><TD WIDTH="3%"></TD><TD VALIGN="bottom" WIDTH="2%"></TD><TD WIDTH="61%"></TD><TD VALIGN="bottom" WIDTH="2%"></TD><TD WIDTH="32%"></TD></TR><TR><TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="1"><B>Number</B></FONT><BR><HR WIDTH="42" SIZE="1" NOSHADE ALIGN="left" COLOR="#000000"></TD><TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD><TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="1"><B>Description</B></FONT></P><HR WIDTH="61" SIZE="1" NOSHADE ALIGN="left" COLOR="#000000"></TD><TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD><TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="1"><B>Method&nbsp;of&nbsp;Filing</B></FONT></P><HR WIDTH="92" SIZE="1" NOSHADE ALIGN="left" COLOR="#000000"><TR><TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">99.1</FONT></TD><TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD><TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Press release, dated July 27, 2004, reporting second quarter results</FONT></TD><TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD><TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Furnished&nbsp;herewith</FONT></TD></TR><TR><TD HEIGHT="8"></TD><TD HEIGHT="8" COLSPAN="2"></TD><TD HEIGHT="8" COLSPAN="2"></TD></TR><TR><TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">99.2</FONT></TD><TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD><TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Second quarter 2004 Financial Supplement</FONT></TD><TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD><TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Furnished herewith</FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P></BODY></HTML></TEXT></DOCUMENT><DOCUMENT><TYPE>EX-99.1<SEQUENCE>2<FILENAME>dex991.htm <DESCRIPTION>PRESS RELEASE<TEXT><HTML><HEAD><TITLE>Press release</TITLE></HEAD><BODY BGCOLOR="WHITE"><P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>Exhibit 99.1 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONTSIZE="1">&nbsp;</FONT></P><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" ALIGN="center"><TR><TD WIDTH="33%"></TD><TD VALIGN="bottom" WIDTH="2%"></TD><TD WIDTH="31%"></TD><TD VALIGN="bottom" WIDTH="2%"></TD><TD WIDTH="32%"></TD></TR><TR><TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1">ACE LIMITED</FONT></TD><TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD><TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1">PO BOX HM 1015</FONT></TD><TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD><TD VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD></TR><TR><TD VALIGN="top" COLSPAN="3"><FONT FACE="ARIAL" SIZE="1">ACE Global Headquarters</FONT></TD><TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD><TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1">Hamilton HM DX</FONT></TD></TR><TR><TD VALIGN="top" COLSPAN="3"><FONT FACE="ARIAL" SIZE="1">17 Woodbourne AvenueBermuda</FONT></TD><TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD><TD VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD></TR><TR><TD VALIGN="top" COLSPAN="3"><FONT FACE="ARIAL" SIZE="1">Hamilton HM 08</FONT></TD><TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD><TD VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD></TR><TR><TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1">Bermuda</FONT></TD><TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD><TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1">441 295-5200 <I>main</I></FONT></TD><TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD><TD VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD></TR><TR><TD VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD><TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD><TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1">441 292-8675 <I>fax</I></FONT></TD><TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD><TD VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD></TR><TR><TD VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD><TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD><TD VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD><TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD><TD VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD></TR><TR><TD VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD><TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD><TD VALIGN="top"><FONT FACE="ARIAL" SIZE="1">www.acelimited.com</FONT></TD><TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD><TD VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><IMG SRC="g35976g55m90.jpg" ALT="LOGO"> </P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE=FACE="Times New Roman" SIZE="2"><B>FOR IMMEDIATE RELEASE </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="35%" BORDER="0" ALIGN="center"><TR><TD WIDTH="12%"></TD><TD VALIGN="bottom" WIDTH="3%"></TD><TD WIDTH="85%"></TD></TR><TR><TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Investor&nbsp;Contact:</FONT></P></TD><TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD><TD VALIGN="bottom"> <P STYLE="text-indent:2.00em"><FONT FACE="Times New Roman" SIZE="2">Helen&nbsp;M.&nbsp;Wilson</FONT></P></TD></TR><TR><TD VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD><TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD><TD VALIGN="bottom"> <P STYLE="text-indent:2.00em"><FONT FACE="Times New Roman" SIZE="2">(441) 299-9283</FONT></P></TD></TR><TR><TD VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD><TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
http://www.sec.gov/Archives/edgar/data/896159/000119312504125504/0001193125-04-1255...2 of 176 8/12/11 3:54 PM
 
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR><TR><TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Media&nbsp;Contact:</FONT></P></TD><TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD><TD VALIGN="bottom"> <P STYLE="text-indent:2.00em"><FONT FACE="Times New Roman" SIZE="2">Anna Lowry</FONT></P></TD></TR><TR><TD VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD><TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD><TD VALIGN="bottom"> <P STYLE="text-indent:2.00em"><FONT FACE="Times New Roman" SIZE="2">(441) 278-6683</FONT></P></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B><U>ACE LIMITED REPORTS SECOND QUARTER RESULTS</U> </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE=FACE="Times New Roman" SIZE="2"><B>HAMILTON, Bermuda, July 27, 2004</B>&#151;ACE Limited (NYSE: ACE) today reported net income for the second quarter ended June 30, 2004 of $413 million or $1.41 per share, c$1.32 per share for the same quarter last year. Income excluding net realized gains (losses) for the second quarter increased 33% to $380 million, or $1.29 per share, compared with $286 million or $1.01 peryear.(1) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Evan Greenberg, President ancommented: &#147;This was an excellent quarter. All of our business segments performed well, which is a reflection of the investments we have made to increase both our product capability and physical presenc market, I remain confident in our ability to perform given our underwriting discipline and the diversity of our business opportunities.&#148; </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZESTYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Other second quarter operating highlights were as follows: </FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%"><TR><TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD><TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD><TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Net premiums written increased 19% to $2.9 billion, reflecting P&amp;C net premium growth of 25% over 2003 </FONT></TD></TR></TABLE> <PSTYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P><TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%"><TR><TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD><TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD><TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">The P&amp;C combined ratio improved to 89.0% for the quarter compared with 91.7% a year ago </FONT></TD></TR></TABLE> <P STYLE="margin-top:0SIZE="1">&nbsp;</FONT></P><TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%"><TR><TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD><TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD><TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Operating cash flow amounted to approximately $1.1 billion for the quarter </FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%"><TR><TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD><TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD><TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Cash and invested assets increased by $546 million from March 31, 2004 </FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:-6px<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%"><TR><TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD><TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD><TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Net investment income increased 12% to $236 million. P&amp;C net investment income increased 24% over 2003 </FONT></TD></TR></TABLE> <PSTYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P><TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%"><TR><TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD><TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD><TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Shareholders&#146; equity decreased 2% from March 31, 2004, principally because unrealized losses on investments exceeded net income </FONT>STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P><TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%"><TR><TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD><TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD><TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Tangible equity decreased to $6.6 billion, a reduction from March 31, 2004 of 1% </FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-SIZE="1">&nbsp;</FONT></P><TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%"><TR><TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD><TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD><TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Debt to total capital ratio rose to 19.8% from 16.1% at March 31, 2004. In June 2004, the Company sold $500 million of 10-year senior debtdebt were used in July to redeem $75 million of callable debt and will be used in August to refinance a maturing $400 million bond. </FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:-6px"><FON<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%"><TR><TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD><TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD><TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Annualized return on ordinary equity for the quarter ended June 30, 2004 was 16.9%; excluding FAS 115, it was 17.7% </FONT></TD></TR></TABLESTYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P><TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%"><TR><TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD><TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD><TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Diluted book value per ordinary share as of June 30, 2004 decreased 3% to $30.46 from March 31, 2004.(2) </FONT></TD></TR></TABLE> <P STYLE=SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Page 1/5 </FONT></P><p Style='page-break-before:always'><HR SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER"><P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Financial results improved over the prior year&#146;s results for virtually every business segment. Further details areavailable in the financial supplement. Key items include: </FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P><TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%"><TR><TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD><TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD><TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Insurance-North American: Net premiums written increased 37% and the combined ratio improved to 90.3%. </FONT></TD></TR></TABLE> <P STYLE="SIZE="1">&nbsp;</FONT></P><TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%"><TR><TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD><TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD><TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Insurance-Overseas General: Net premiums written increased 21% (11% after foreign exchange impact) and the combined ratio improved to 89.3%.STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P><TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%"><TR><TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD><TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD><TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Global Reinsurance: Net premiums written were up 6% and this segment&#146;s combined ratio improved to 76.1%. </FONT></TD></TR></TABLE> <PSTYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P><TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%"><TR><TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD><TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD><TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Financial Services (adjusted for Assured Guaranty): Income excluding realized gains (losses) increased 37% and the combined ratio improved tSTYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">On April 23, 2004, the Company completed the sale of mortgage guaranty reinsurance and insurance businesses through the initial public offering (IPO) of 49 million common shares of Assured Guaranty Ltd. at $18.00 per share. The Company received total proceedscomprised $835 million of net offering proceeds and a return of capital of $200 million. This was a beneficial transaction for ACE as it enabled capital to be reallocated to higher growth, higher ROE businesexposure. As a result of the transaction, the Company&#146;s book value declined by approximately $61 million, comprising an $18 million after tax loss and a $43 million reduction to other comprehensive incopreviously unrealized investment gains to income. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New RoFinancial Supplement June 30, 2004, which is posted on the Company&#146;s website, for more detailed information on individual segment performance, together with additional disclosure on reinsurance recovera Assured Guaranty, investment portfolio and capital structure. ACE&#146;s website reference (url) is <U>http://media.corporate-ir.net/media_files/nys/ace/reports/fin_supp_June_30_2004.xls</U>. (Due to the lengcopy and paste this hyperlink into your Internet browser&#146;s URL address field.) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-botSIZE="2">ACE Limited (NYSE: ACE) will host its second quarter 2004 earnings conference call and webcast on Wednesday, July 28, 2004 beginning at 8:30 a.m. EDT. The call is available via live and archived webdialing 1-973-582-2745. Please refer to our website in the &#147;Investor Information, Calendar of Events&#148; for details. A replay of the call will be available until Monday, August 30, 2004. To listen toUnited States) or 1-973-341-3080 (international); passcode 4928961. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FGroup of Companies is a global leader in insurance and reinsurance serving a diverse group of clients. A component of the Standard &amp; Poor&#146;s 500 stock index, The ACE Group conducts its business on asubsidiaries in approximately 50 countries. Additional information can be found at: <U>www.acelimited.com</U>. </FONT></P><HR WIDTH="8%" SIZE="1" NOSHADE COLOR="#000000" ALIGN="left"><TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%"><TR><TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">1</FONT></TD><TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Income (loss) excluding net realized gains (losses) on investments and the tax effect of net realized gains (losses) on investments is a cothis presentation enhances the understanding of our results of operations by highlighting the underlying profitability of our insurance business. We exclude net realized gains (losses) on investments becauseheavily influenced by, and fluctuates in part according to, the availability of market opportunities. This measure should not be viewed as a substitute for net income determined in accordance with generally</FONT></TD></TR></TABLE><TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%"><TR><TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">2</FONT></TD><TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Diluted book value per ordinary share is ordinary shareholders&#146; equity and net proceeds from assumed conversions of outstanding in-the-shares outstanding and the number of options assumed issued. </FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Page 2/6 </FONT></P><p Style='page-break-before:always'><HR SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER"><P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B><I>Cautionary Statement Regarding Forward-Looking Statements: </I></B></FONT></P> <PSTYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><I>Any forward-looking statements made in this precurrent views with respect to future events and financial performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve riskactual results to differ materially from those, set forth in these statements. For example, the Company&#146;s forward-looking statements could be affected by competition, pricing and policy term trends, theachieved, market acceptance, changes in demand, the frequency of unpredictable catastrophic events, actual loss experience, uncertainties in the reserving or settlement process, new theories of liability, julitigation tactics, the amount and timing of reinsurance recoverable, actual market developments, rating agency action, possible terrorism or the outbreak and effects of war and economic, political, regulatorconditions, as well as management&#146;s response to these factors, and other factors identified in the Company&#146;s filings with the Securities and Exchange Commission. Readers are cautioned not to place ustatements, which speak only as of the dates on which they are made. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, f</I></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B><I>(tables to fSTYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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