TAKING STOCK
Bermuda Re/insurance
A large proportion of Bermuda’s reinsurers provide a
resilient backdrop to ratings headlines in 2008 by posting
healthy results for the year ended 2007.
After two remarkable years, the last quarter of 2007 ushered in the which increased 12 percent and 15 percent respectively, while book
start of a new period of rationalisation, with the knock-on effect of value per share increased 16 percent. In December, we announced two
reappraisal by the markets and the ratings agencies in early 2008. acquisitions that will further diversify and contribute to ACE’s future
These adjustments superseded the optimism expressed by various chief earnings. Looking ahead, we are well positioned to manage through
executive officers, but as these results show, a high level of performance an increasingly difficult environment marked by continuing volatility
is clearly prominent in the end-of-year results posted by Bermuda in the financial markets, deteriorating economic fundamentals, and a
reinsurers. softening property and casualty market.”
ACE ALLIED WORLD ASSURANCE COMPANy HOLDINGS (AWAC)
Gross premium written 2007: $17,740 million 2006: $17,401 million Gross premium written 2007: $1,505.5 million 2006: $1,645.5 million
Net premium written 2007: $11,979 million 2006: $12,030 million Net premium written 2007: $1,153.1 million 2006: $1,306 million
Net premium earned 2007: $12,297 million 2006: $11,825 million Net premium earned 2007: $1,159.9 million 2006: $1,252 million
Net income 2007: $2,578 million 2006: $2,305 million Net income 2007: $469.2 million 2006: $442.8 million
Combined ratio 2007: 87.9 percent 2006: 88.1 percent Combined ratio 2007: 81.3 percent 2006: 78.8 percent
Evan Greenberg, chairman and chief executive officer of ACE Limited, AWAC president and chief executive officer Scott Carmilani
commented: “ACE had a strong fourth quarter that capped an excellent commented: “Our disciplined underwriting continues to be supported
year for the company. All areas of the company performed well, and the by significant investment returns and our strong balance sheet.
financial markets crisis had a relatively modest impact on our results. Collectively, these factors resulted in our generating an impressive
For the year, we achieved record net income and net operating income, operating income ROE of 22 percent for 2007, despite the challenging
Bermuda Re/insurance . February 2008 59
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