ACE Reports First Quarter Net Income of $259 Million,Operating Income of $268 Million andNet After-Tax Catastrophe Losses of $443 Million;Book Value and Tangible Book Value Up 2%

decreased 5% and net premiums earned were flat. Excluding the impact of one-time transactions from prior year and reinsurance reinstatement premiums paid in this quarter, P&C net premiums written were flat. -- Total pre-tax catastrophe losses including...