1. ACE Tempest Re USA Ocean Marine Roger Howe, CPCU December 6 th 2004

2. ACE Tempest Re USA 2 Agenda  Ocean Marine Overview  Lines of Business  Results  Recent Loss Activity  Outlook

3. ACE Tempest Re USA 3 Historical Perspective  Marine Insurance is the Oldest Form of Insurance  916 BC – Rhodians initiated the concept of General Average  Bottomry Bonds  1688 – Lloyds  First American Insurance Corporation  1792 Insurance Company of North America

4. ACE Tempest Re USA 4 Global Premium & Growth Trends USD billions Source – IUMI 2004

5. ACE Tempest Re USA 5 Ocean Marine Global Premium 2003  Geographic Split Source – IUMI 2004

6. ACE Tempest Re USA 6 Global LOB Split 2003 USD Premium 14.83 Bn Source IUMI 2004

7. ACE Tempest Re USA 7 2003 Detail Geographic Premium Written US$ Bn  Top Five Premium writers (by country)  1) United Kingdom – 2.426B  2) Japan – 2.083B  3) United States - 1.558B  4) Germany – 1.536B  5) France - 1.129B Source: IUMI 2004 Lines – Hull/Cargo/Liabilities/Offshore Energy

8. ACE Tempest Re USA 8 US Premium USD Bn Source: AIMU Calendar Year Operating Ratios Including Yachts (not included in IUMI numbers)

9. ACE Tempest Re USA 9 US Premium Split by LOB 2003 Source: AIMU 2003

10. ACE Tempest Re USA 10 Lines of Business  Cargo  Bluewater Hull  Brownwater Hull and P&I  Offshore Energy  Marine Liabilities  Yachts

11. ACE Tempest Re USA 11 Cargo

12. ACE Tempest Re USA 12 Bluewater

13. ACE Tempest Re USA 13 Brownwater Hull and P&I

14. ACE Tempest Re USA 14 Brownwater Hull and P&I

15. ACE Tempest Re USA 15 Offshore Energy

16. ACE Tempest Re USA 16 Liabilities  Brief Description

17. ACE Tempest Re USA 17 Yachts 413 ft – “Octopus”

18. ACE Tempest Re USA 18 2003 CY Results – US Market Premiums vs. Combined Ratio (USD Bn) Source: AIMU 2003 Calendar Year Operating Ratios

19. ACE Tempest Re USA 19 2003 CY Results – US Cargo Market Premiums vs. Combined Ratio (USD Million) Source: AIMU 2003 Calendar Year Operating Ratios

20. ACE Tempest Re USA 20  2003 CY Results – US Ocean Hull Market Premiums vs. Combined Ratio (USD Million) Source: AIMU 2003 Calendar Year Operating Ratios

21. ACE Tempest Re USA 21  2003 CY Results – US All Other Hull Market Premiums vs. Combined Ratio (USD Million) Source: AIMU 2003 Calendar Year Operating Ratios

22. ACE Tempest Re USA 22  2003 CY Results – US P&I Market Premiums vs. Combined Ratio (USD Million) Source: AIMU 2003 Calendar Year Operating Ratios

23. ACE Tempest Re USA 23  2003 CY Results – US Yacht Market Premiums vs. Combined Ratio (USD Million) Source: AIMU 2003 Calendar Year Operating Ratios

24. ACE Tempest Re USA 24  2003 CY Results – US Primary Liab Market Premiums vs. Combined Ratio (USD Million) Source: AIMU 2003 Calendar Year Operating Ratios

25. ACE Tempest Re USA 25  2003 CY Results – US Offshore Market Premiums vs. Combined Ratio (USD Million) Source: AIMU 2003 Calendar Year Operating Ratios

26. ACE Tempest Re USA 26 Recent Loss Activity

27. ACE Tempest Re USA 27 Rigs in Path Of Ivan @ 9/15/04

28. ACE Tempest Re USA 28 Structures at 9/15/04

29. ACE Tempest Re USA 29 Ivan - Ensco 64

30. ACE Tempest Re USA 30 Ivan - Murphy Medusa Spar

31. ACE Tempest Re USA 31 Petronius VK786

32. ACE Tempest Re USA 32 Recent Loss Activity

33. ACE Tempest Re USA 33 Outlook  Current Market  Profitable in many classes  Offshore and Yachts presented CAT losses in 2004  Quantitative Analysis  Actuarial  Cat Modeling