HAMILTON, Bermuda - September 18, 2002 -- ACE Limited (NYSE: ACE) announced today that an accumulation of losses resulting principally from the recent central European floods will impact operating income in the third quarter of 2002, by approximately $90 million after tax, or $0.33 per share.
Recent increases in industry estimates of insured losses together with additional flood losses incurred in France are included in our estimates. ACE incurred losses both directly and as an excess of loss reinsurer where increases in forecasted insured losses led to penetration of several higher layers of coverage.
ACE Limited will release its quarterly earnings and financial supplement on October 29, 2002. ACE management will then provide its customary supplemental commentary in a conference call and webcast scheduled for 8:30 a.m. EST on October 30, 2002.
The ACE Group of Companies provides insurance and reinsurance for a diverse group of clients. The company conducts its business on a global basis with operating subsidiaries in nearly 50 countries. Additional information can be found at: www.acelimited.com.
Application of the Safe Harbor of the Private Securities Litigation Reform Act of 1995:
Any forward-looking statements made in this press release reflect the Company's current views with respect to future events and financial 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 from those, set forth in these statements. Among other things, ACE's actual catastrophic losses will depend on the amount of losses actually incurred and reported by insureds and reinsureds. Readers are cautioned not to place undue reliance on 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 information, future events or otherwise.