Bermuda-based Ace Ltd., a property casualty insurer that sustained a big share of claims in recent hurricane seasons, said late on Wednesday it expected full-year earnings per share of between $6.65 and $7.15.

The insurer also said it would include expected catastrophe losses in its earnings estimate for the coming year.

Ace included $450 million of pre-tax catastrophe losses in its estimated full-year earnings, which would be $340 million after tax.

Philip Bancroft, Ace?s chief financial officer, said the insurer had changed the way it established its earnings outlook for 2007, moving to a range of estimates with assumptions for both revenue growth and estimated catastrophe losses.

?We believe that this new policy is more direct and provides greater clarity to our annual estimates,? Bancroft said in a statement.

The future catastrophe losses, which could include windstorms, earthquakes and other natural disasters, is an estimate.

In 2005, its worst year for insured catastrophe losses, Ace earned $3.31 a share after Hurricanes Katrina, Rita and Wilma blew through the US Gulf Coast.

Those hurricanes left property casualty carriers with more than $68 billion of claims.

By contrast, in the first nine months of 2006, when natural disaster losses were significantly lower, Ace earned $5.13 a share.

Ace said that property and casualty net earned premium growth is expected to be 3 percent to five percent in 2007.

Ace?s shares closed down 30 cents to $57.65 on the New York Stock Exchange yesterday.

Assured Guaranty Holdings Ltd. yesterday announced it had entered into an agreement with a subsidiary of former parent Ace to purchase 5.69 million of Assured Guaranty?s common shares for $150 million.

The purchase, by Assured?s US subsidiary, would reduce Ace?s ownership of Assured Guaranty?s common shares to 20,307,401, or approximately 30 percent of the Company?s total common shares outstanding.

The purchase of these shares will be funded by, and is contingent upon, Assured Guaranty US Holdings Inc.?s raising of $150 million of junior subordinated indebtedness.