PiperJaffray Reiterates ‘Overweight’ Rating for Ace Limited (ACE)

Ace Limited ACE maintains a substantial local presence in 53 countries. The company’s non-U.S. business generates approximately 40% of its gross premiums. Ace Limited (ACE) also has exciting growth opportunities ahead due to its product breadth. The company's management has provided an overview of the company’s approach to managing its $4.7 billion investment portfolio. Management is essentially looking to limit volatility in order to preserve its financial strength. Ace currently has a 2.5% dividend yield. The company's CFO stated that the combination of book value growth and dividend policy has generated a CAGR of 18% since 2002. PiperJaffray has maintained its ‘Overweight’ rating for the stock with a price target of $70. The company is expected to generate $13.984 billion and $14.956 billion in revenue for FY2010 and FY2011 respectively.