Ace Ltd

While 2004 proved to be another record year for property catastrophe losses and the group had to boost its A&E reserves further, Bermuda based Ace Ltd was in better shape than it had been in the years leading up to 2003

Although Ace Ltd generated a net income of $1.1bn in 2004, the result was considerably down (22%) on the year before when, as a result of a sustained property catastrophe hard market, the group completed its financial recovery in the wake of both the catastrophe losses incurred through the events of 11 September, 2001 and the need to boost its asbestos and environmental pollution reserves in 2002.