ACE Group’s (ACE) 1Q 09 adjusted1 total revenues exceeded our estimate, reflecting higher-thanexpected net premiums earned and net investment income. Bottom-line also exceeded our forecast in 1Q 09 as the impact of higher-than-expected top-line and lower-than-expected income tax expense was only partially limited by higher-than-expected total…

Going forward, we expect premium rates to improve in the US insurance and reinsurance market, following the massive losses triggered by hurricane activities and large investment losses. Global reinsurance prices are up for January 2009 renewals and Benfield expects them to remain firm for April to July 2009 renewals. However, while this will support top-line to some extent, we believe economic recession and a 13.4% y-o-y reduction in ACE’s capital in FY 2008 will…

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ACE Limited’s (ACE) 4Q 08 adjusted1 total revenues were lower than our estimate. However, adjusted net income was higher than our estimate reflecting lower-than-expected loss and loss expenses, policy acquisition expenses and a positive prior year development. The company reported a strong performance in its Life Insurance and Reinsurance segment…