Bermuda-based ACE Ltd. yesterday said it expects six to eight percent growth in its property and casualty net earned premiums, adding growth is expected to be slower in early quarters and accelerate as the year progresses.

The company said in its guidance for 2006 that the property and casualty combined ratio is expected to range between 88 percent and 90 percent.

The company, which was battered by the 2005 hurricane season, is projecting $400 million in catastrophe-related losses for both insurance and reinsurance exposures.

Financial Services operating income is expected to decline by approximately 15 percent, the company said, but total investment income is expected to range between $1.45 billion and $1.5 billion based on positive operating cash flow of $400 million and an increase in average investment yields to five percent.

ACE said it will also be filing a shelf registration in the near future to replace the previous capacity used in connection with the October common stock offering.