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Rate increases help boost ACE profits

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HAMILTON, Bermuda--ACE Ltd. reported profits of $247 million for the first quarter of 2003, a 24.7% increase over the same period in 2002.

The Hamilton, Bermuda-based insurer reported gross premiums written of $4.11 billion for the quarter, a 31.9% increase over the 2002 first quarter.

ACE saw increased business in all of its operations during the quarter and is benefiting from continued rate increases, said Brian Duperreault, chairman and chief executive officer.

"Property rates are starting to level off in the U.S., but casualty rates aren't," he said.

ACE's combined ratio for the first quarter of 2003 was 90.6%, compared with 93.1% in the first quarter of 2002.