Full Description

ACE Limited (ACE) is a holding company of the ACE Group of Companies. Its direct and indirect subsidiaries (collectively, the ACE Group of Companies) are a global property and casualty insurance, and reinsurance organization. The Company provides a range of products and services to commercial and individual customers in more than 140 countries. During the year ended December 31, 2008, the Company operated through its four segments: Insurance-North American, Insurance-Overseas General, Global Reinsurance, and Life Insurance and Reinsurance. On April 1, 2008, ACE acquired of Combined Insurance Company of America, and certain of its subsidiaries from Aon Corporation. In September 2009, it announced an operating structure in the United Kingdom and Ireland. The two new business segments are Major Risks and Corporate.

Insurance-North American

The Insurance-North American segment comprises its P&C operations in the United States, Canada, and Bermuda. This segment includes the operations of ACE USA (including ACE Canada), ACE Westchester Specialty Group (ACE Westchester), ACE Bermuda, ACE Private Risk Services, and various run-off operations. ACE USA provides a array of P&C, A&H, and risk management products and services to a group of commercial and non-commercial enterprises, and consumers. ACE Westchester specializes in the wholesale distribution of excess, surplus, and specialty P&C products. ACE Bermuda provides commercial insurance products on an excess basis to a global client base, and covering exposures that are generally low in frequency and high in severity. ACE Private Risk Services provides personal lines coverage. ACE USA accounts approximately 43% of net premiums earned during the year ended December 31, 2008.

Insurance-Overseas General

The Insurance-Overseas General segment accounted for 40% of consolidated net premiums earned during 2008. Insurance-Overseas General consists of ACE International, the Company’s network of indigenous retail insurance operations, and the wholesale insurance operations of ACE Global Markets, its London-based excess and surplus lines business that includes Lloyd’s Syndicate 2488 (Syndicate 2488). ACE Global Markets offers products through its parallel distribution of products via ACE European Group Limited (AEGL) and Syndicate 2488. On April 1, 2008, Insurance-Overseas General took up the international A&H and life business of Combined Insurance.

Global Reinsurance

The Global Reinsurance segment, which accounted for 8% of consolidated net premiums earned during 2008, represents ACE’s reinsurance operations comprising ACE Tempest Re Bermuda, ACE Tempest Re USA, ACE Tempest Re Europe, and ACE Tempest Re Canada. Global Reinsurance markets its reinsurance products worldwide under the ACE Tempest Re brand name and provides a range of coverages to primary P&C companies.

Life Insurance and Reinsurance

Life Insurance and Reinsurance, which accounted for 9% of consolidated net premiums earned during 2008, includes the operations of ACE Tempest Life Re (ACE Life Re), North American A&H and life business of Combined Insurance, and ACE International Life. ACE Life Re helps clients (ceding companies) manage mortality, morbidity, lapse, and/or capital market risks embedded in their books of business. ACE Life Re comprises two companies. The first is a Bermuda-based company in the life reinsurance market that provides reinsurance coverage to other life insurance companies, focusing on guarantees included in certain fixed and variable annuity products. The second is a United States-based traditional life reinsurance company licensed in 49 states and the District of Columbia, offering reinsurance capacity for the individual life business utilizing yearly renewable term and coinsurance structures.