Second Quarter earnings

ACE

Net income: $104 million compared to $131 million for the same period last year

Net operating income: $236 million compared to $115 million for last year

Gross Premiums Written: $2.9 billion compared to $2.4 billion last year

Investment Income: $201 million compared with same period last year $196 million

Voluntary compliance with new SEC regulations for management: Yes.*

AXIS Specialty

Net income: $30 million

Gross Premiums Written:$260.7 million

Investment Income:$22.7 million

Voluntary compliance with new SEC regulations for management: *

AXIS results do not include a comparison to the same quarter last year as this is only their second full quarter of reported earnings.

Max Re

Net loss: $5 million compared to loss of $4.1 million for the same period last year

Net operating loss:$8.4 million compared to loss of $5.5 million for the same period last year

Revenue:$86.2 million compared to $163.2 million for the same period last year

Gross Premiums Written:$121.5 million compared to $152.5 million for the same period last year

Investment Income: $13.4 million compared to $10 million for the same period last year

Voluntary compliance with new SEC regulations for management:Yes.*

Scottish Annuity & Life

Net income: $7.8 million compared to $3.9 million for the same period last year

Net operating earnings: $8.8 million compared to $3.9 million for the same period last year

Revenue: $64.2 million compare

d to $23.2 million for the same period last year

Investment Income: $26.1 million compared to $10.6 million for the same period last year

Total Benefits and Expense: $56.2 million compared to $19 million for the same period last year

Voluntary compliance with new SEC regulations for management: Yes.*

*The CEOs and CFOs of 945 large companies traded on US stock exchanges have been ordered by the US Securities and Exchange Commission (SEC) to personally certify financial statement accuracy. False statements are punishable by up to $5 million in fines and up to 20 years imprisonment. Although US listed Bermuda insurers were not included on the initial list a 945 companies, a number have announced they will voluntarily comply with the new SEC regulation.