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ACE Issues Earnings Advisory on 4th Quarter Results
(NYSE:ACE, BSX:ACL.BH) today announced that its fourth quarter net operating income will fall below expectations due to an increase of
approximately $80 million, after taxes, in property losses incurred inits European Commercial Property portfolio together with a $50 million charge taken to strengthen loss reserves principally in itsInternational Casualty Operations.
Mr. Brian Duperreault, Chairman and Chief Executive Officer, said: "We experienced a pattern of increased frequency and severity within
our European Commercial Property portfolio. In response to these adverse results we have tightened underwriting controls and significantly increased prices. We believe the changes made will
permit us to realize our financial objectives for this unit in 2002.
We also carefully reviewed the development of our international casualty portfolio and determined an increase in reserves was warranted. The balance of our business segments have performed as
expected and we do not expect the issues affecting the fourth quarter to carry forward into the new year."
ACE Limited expects to report its quarterly earnings before the opening of business on Wednesday, February 13, 2002. ACE management
will then provide its customary supplemental commentary in a conference call and webcast scheduled for 9:30 a.m. EST on the same
date.