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ACE Announces Preliminary Catastrophe Loss Estimates
ZURICH, Switzerland – 16 March, 2011 – ACE Limited (NYSE: ACE; BSX: ACE.BH) announced today that preliminary net after-tax losses in the first quarter for the ACE Group of insurance and reinsurance companies from natural catastrophes, including the New Zealand earthquake, the Australian floods and Cyclone Yasi, and the U.S. winter storms, are estimated to be $210 million, including reinstatement premiums. Of the total, $115 million is attributable to the New Zealand earthquake, $80 million to the Australian events in aggregate, and $15 million to the U.S. winter storms.
Separately, the company estimates net after-tax losses in the first quarter related to the Japanese earthquake event, for both insurance and reinsurance, will range from $200 million to $250 million. The loss estimates for the Japanese earthquake event are preliminary given details are still unfolding.
Celebrating 25 years of insuring progress, the ACE Group is a leader in insurance and reinsurance serving a diverse group of clients. Headed by ACE Limited (NYSE: ACE), a component of the S&P 500 stock index, the ACE Group conducts its business on a worldwide basis with operating subsidiaries in more than 50 countries. Additional information can be found at: www.acegroup.com.
Contacts
ACE Limited
Investor Contact:
Helen M. Wilson, Tel: 441-299-9283
E-mail: helen.wilson@acegroup.com
or
Media Contact:
Stephen M. Wasdick, Tel: 212-827-4444
E-mail: stephen.wasdick@acegroup.com