2008-10-10 ACE Limited (NYSE: ACE) 8-K

http://www.sec.gov/Archives/edgar/data/896159/000119312508208998/0001193125-08-2089...
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<SEC-DOCUMENT>0001193125-08-208998.txt : 20081010
<SEC-HEADER>0001193125-08-208998.hdr.sgml : 20081010
<ACCEPTANCE-DATETIME>20081010131837
ACCESSION NUMBER:
0001193125-08-208998
CONFORMED SUBMISSION TYPE:
8-K
PUBLIC DOCUMENT COUNT:
4
CONFORMED PERIOD OF REPORT:
20081010
ITEM INFORMATION:
Results of Operations and Financial Condition
ITEM INFORMATION:
Financial Statements and Exhibits
FILED AS OF DATE:
20081010
DATE AS OF CHANGE:
20081010
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
081117799
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>
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<FILENAME>d8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML><HEAD>
<TITLE>Form 8-K</TITLE>
</HEAD>
<BODY BGCOLOR="WHITE">
P O BOX HM 1015
HAMITON BERMUDA
D0
00000
 UNITED STATES <
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center">SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 <center> </center> F
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px"> <center> </center> Current Report Pursuant To Section 13 or 15
 Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) October 10, 2008 <center> </center> A
(Exact name of registrant as specified in its charter) </center> 
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">
<TR>
<TD WIDTH="34%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR>
<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> Mainaustrasse 30 Zurich CH-8008 Switzerland (Address of principal executive offices) Registrants telephone number, including area code: +41 (0)43 456 76 00 Not applicable
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center">(Former name or former address, if changed since last report) <center> </center> Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see Genera
 
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<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> 
<TD ALIGN="left" VALIGN="top">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </TD></TR></TABLE> 
<TR>
<TD ALIGN="left" VALIGN="top">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(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" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

<TR>
<TD WIDTH="10%" VALIGN="top" ALIGN="left">Item 2.02</TD>
<TD ALIGN="left" VALIGN="top">Results of Operations and Financial Condition </TD></TR></TABLE> <FONT FACE="Ti
October 10, 2008, ACE Limited issued a press release reporting preliminary third quarter 2008 results. The press release is attached hereto as Exhibit 99.1 and is hereby incorporated herein by reference. 
<TD WIDTH="10%" VALIGN="top" ALIGN="left">Item 9.01</TD>
<TD ALIGN="left" VALIGN="top">Financial Statements and Exhibits </TD></TR></TABLE> 
<TR>
<TD></TD>
1 of 5
8/15/11 11:04 AM
<TR>
<TD VALIGN="bottom" NOWRAP> Exhibit Number</TD>
<TD VALIGN="bottom" STYLE="border-bottom:1px solid #000000"> Description</TD></TR>
<TR>
<TD VALIGN="top">99.1</TD>
<TD VALIGN="bottom">Press release, dated October 10, 2008, reporting preliminary third quarter earnings</TD></TR>
</TABLE>
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0">
<TR>
<TR>
<TD VALIGN="top" COLSPAN="3">ACE LIMITED</TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom"> /S/ ROBERT F. CUSUMANO</TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">Robert F. Cusumano</TD></TR>
<TR>
<TD VALIGN="bottom">General Counsel</TD></TR>
</TABLE></DIV> DATE: October 10, 2008 
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</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">
Exhibit 99.1 
<TR>
<TR>
<TD VALIGN="top" ROWSPAN="4">
<IMG SRC="g41690img001_ex991.jpg" ALT="LOGO"></TD>

<TD VALIGN="top" ROWSPAN="4"> ACE Limited Main
STYLE="margin-top:0px;margin-bottom:0px">CH-8008 Zürich Switzerland</TD>
<TD VALIGN="top" ROWSPAN="4"> +41 (0)43 456 76 00 main fax www.acelimited.com</TD>
<TD VALIGN="top" ROWSPAN="4">
<IMG SRC="g41690img002_ex991new.jpg" ALT="LOGO"></TD></TR>
<TR>
<TD VALIGN="bottom"> </TD></TR>
<TR>
<TR>
</TABLE> FOR IMMEDIATE RELEASE 
<TR>
<TR>
<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@ace.bm</TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
2 of 5
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<TD VALIGN="top">Media Contact:</TD>
<TD VALIGN="bottom">Patrick F. McGovern</TD></TR>
<TR>
<TD VALIGN="bottom">(212) 827-4426</TD></TR>
<TR>
<TD VALIGN="bottom">patrick.mcgovern@ace-ina.com</TD></TR>
</TABLE> ACE LIMITED ANNOUNCES PRELIMINARY THIRD QUARTER EARNINGS ZURICH, Switzerland - October 10, 2008 - ACE Limited (NYSE: ACE) is pre-announcing estimates of third quarter financial results. </FON
STYLE="margin-top:12px;margin-bottom:0px">Given the extraordinary market conditions and questions of investor confidence in financial institutions generally, we have decided to
third quarter results in an effort to give greater clarity and certainty about our company, whose financial performance and balance sheet remain strong. ACE has a strong capital position and our financial results for the
good. ACE is well positioned to take advantage of weaknesses and opportunities within our industry as they emerge, said Evan G. Greenberg, Chairman and Chief Executive Officer of ACE Limited. ACE estimates operating income(1)<
FACE="Times New Roman" SIZE="2"> for the third quarter ended September 30, 2008, to be between $1.44 and $1.48 per common share. The company will report net realized a
approximately $1.5 billion and expects a decrease in book value per share of 7.5% year-to-date. Following these results, our capital position remains firmly in the range of the capital required by all principal rating age
 As disclosed previously, the company did not and does not invest in CDOs, CLOs or complex credit structures and does no
such, has no transactions that require the posting of collateral. The companys fixed income portfolio is conservatively constructed, has an average credit quality of AA, is well diversified and has an average durati
years. Of the estimated $1.5 billion in realized and unrealized losses, approximately $1.3 billion relates to the fixed income and equity portfolios and is largely due to the widening of credit spreads in our high quality

Approximately $220 million of the companys estimated net realized losses for the third quarter relate to the
guaranteed minimum income benefit (GMIB) liabilities of the companys variable annuity reinsurance book. These losses resulted from an increase in the fair market value of the liabilities related to these annuities.
liquidity exposures. Cash flow in this business is positive and is within our original expectations. As of September 30,
securities lending agreements approximating $2 billion. The proceeds from these agreements are invested in prime short-term money market funds. ACE does not issue commercial paper or any other short-term securities to fin
 The company expects operating cash flow to be in the range of $800 million to $1 billion for the third quarter. The company will issue its third quarter earnings release and financial supplement as scheduled after the market closes on Tuesday, October&n
STYLE="margin-top:12px;margin-bottom:0px">The ACE Group of Companies is a global leader in insurance and reinsurance serving a diverse group of clients. Headed by ACE Limited, the ACE
its business on a worldwide basis with operating subsidiaries in more than 50 countries. Additional information can be found at: www.acelimited.com. 
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; padding-bottom:3px; margin-top:-2px" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"> (1)</TD>
<TD ALIGN="left" VALIGN="top"> Non-GAAP Financial Measures: 
STYLE="margin-top:6px;margin-bottom:0px">Operating Income or Income excluding net realized gains (losses), net of tax is a common performance measurement for insurance companies. We b
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 in other (inc
partially-owned insurance companies because the amount of these gains (losses) is heavily influenced by, and fluctuates in part according to, the availability of market opportunities. Cautionary Statement Regarding Forward-Looking Statements: Forward-look
press release, such as those related to economic conditions, company performance, reserves and valuations, and expected determinations of quarter-end results, reflect the companys current views with respect to futur
performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties, which may cause actual results to differ materially
these statements. For example, the companys forward-looking statements could be affected by recent and future financial, stock market and capital markets events and circumstances, and government and the financial co
thereto, as well as competition, pricing and policy term trends, the levels of new and renewal business achieved, market acceptance, changes in demand, the frequency of unpredictable catastrophic events, actual loss exper
reserving or settlement process, integration activities and unexpected financial or operational performance with respect to acquired companies, unexpected effects or difficulties relating to the companys recent re-d
new theories of liability, judicial, legislative, regulatory and other governmental developments, litigation tactics and developments, investigation developments and actual settlement terms, the amount and timing of reins
developments among reinsurers, 
 
Page 2/3 

actual market developments, rating agency action, possible terrorism or the outbreak and 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 the Securities and Exchange Commission. Readers are cautioned not to
these forward-looking statements, 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 infor
otherwise. # # # Page 3/3 
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
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-----BEGIN PRIVACY-ENHANCED MESSAGE----Proc-Type: 2001,MIC-CLEAR

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