(Commission

File Number)

(IRS Employer

Identification No.)

Wellesley House, 90 Pitts Bay Road,

Pembroke, Bermuda

For the fourth quarter, net premiums written of $920 million were up 5%, or up 7% on a constant foreign exchange basis, primarily related to positive prior year premium adjustments and new business in the North America sub-segment. This increase was partially offset by lower premiums reported in the Global (Non-U.S.) Specialty and the Global (Non-U.S.) P&C sub-segments. For the full year 2012, net premiums written were up 2%, or up 4% on a constant foreign exchange basis. The increase was driven by all Non-life sub-segments, except the Catastrophe sub-segment, and the Life segment primarily due to new business. These increases were partially offset by lower premiums in the Catastrophe sub-segment following the rebalancing of the portfolio during 2011 and early 2012.

For the fourth quarter, net premiums earned of $1.2 billion were down 1%, or up 1% on a constant foreign exchange basis. Net premiums earned increased primarily in the North America sub-segment and the Life segment due to the same reasons discussed above for net premiums written. These increases were partially offset by decreases in the Catastrophe sub-segment due to the reduced level of net premiums written. For the full year 2012, net premiums earned were down 3%, or 1% on a constant foreign exchange basis, primarily due to the impact of cancelled and non-renewed business in prior periods in the Catastrophe and Global (Non-U.S.) P&C sub-segments. These decreases were partially offset by new business in the North America sub-segment.

For the fourth quarter, the Non-life combined ratio was 95.3% and included 23.7 points (or $225 million) of losses, net of retrocession and reinstatement premiums, related to Superstorm Sandy and 16.7 points (or $161 million) of net favorable loss development on prior accident years. For the full year 2012, the Non-life combined ratio was 87.8% and included 8.6 points (or $316 million) of losses, net of retrocession and reinstatement premiums, related to Superstorm Sandy and the U.S. drought and 17.0 points (or $628 million) of net favorable loss development on prior accident years. All Non-life sub-segments experienced net favorable development on prior accident years during the fourth quarter and full year 2012, with the Global (Non-U.S.) Specialty and North America sub-segments contributing the most significantly.

For the fourth quarter and full year 2012, net investment income of $136 million and $571 million, respectively, were down 12% and 8%, respectively, on a constant foreign exchange basis. The decreases in net investment income primarily reflected lower reinvestment rates.

For the fourth quarter and full year 2012, pre-tax net realized and unrealized investment gains were $5 million and $494 million, respectively.

For the fourth quarter, the effective tax rate on operating earnings and non-operating earnings was 16% and 79%, respectively. For the full year 2012, the effective tax rate on operating earnings and non-operating earnings was 13% and 19%, respectively.

Total investments, cash and funds held - directly managed were $18.0 billion at December 31, 2012, up 1% compared to December 31, 2011.

Net Non-life loss and loss expense reserves were $10.4 billion at December 31, 2012, down 5% compared to December 31, 2011 primarily due to loss payments associated with the 2011 catastrophe events.

Net policy benefits for life and annuity contracts were $1.8 billion at December 31, 2012, up 10% when compared to December 31, 2011 primarily due to the impact of the weaker U.S. dollar.

Total capital was $7.7 billion at December 31, 2012, up 6% from $7.3 billion at December 31, 2011. The increase was primarily driven by net income for the full year 2012, partially offset by share repurchases and common and preferred dividend payments.

During the fourth quarter of 2012, the Company repurchased approximately 2.7 million common shares at a total cost of approximately $218 million. Since January 1, 2013, the Company has repurchased approximately 440 thousand common shares at a total cost of approximately $37 million. At February 5, 2013, approximately 2.7 million common shares remained under the current repurchase authorization.

Total shareholders’ equity was $6.9 billion at December 31, 2012, up 7% compared to $6.5 billion at December 31, 2011. The increase was driven by the factors described for total capital.

Book value per common share was $100.84 on a fully diluted basis at December 31, 2012, up 19% compared to $84.82 per diluted share at December 31, 2011. The increase was driven by the factors described for total capital and the accretive impact of share repurchases.

For the fourth quarter, the Non-life segment reported an increase of 6%, on a constant foreign exchange basis, in net premiums written compared to the fourth quarter of 2011. This increase was driven by the North America and Catastrophe sub-segments and was partially offset by decreases in net premiums written in the Global (Non-U.S.) Specialty and Global (Non-U.S.) P&C sub-segments. For the full year 2012, the Non-life segment reported an increase of 4%, on a constant foreign exchange basis, compared to 2011. The increase was driven by all Non-life sub-segments, except for the Catastrophe sub-segment.

For the fourth quarter, the North America sub-segment’s net premiums written were up 26% primarily due to positive prior period premium adjustments in the agriculture and casualty lines and new business in the casualty line. This sub-segment reported a technical ratio of 102.4%, which included 23.0 points (or $72 million) of losses related to Superstorm Sandy and the U.S. drought, which were partially offset by 16.4 points (or $52 million) of net favorable prior year loss development. For the full year 2012, the North America sub-segment’s net premiums written were up 11% primarily due to the casualty line, for the same reasons discussed in the fourth quarter, and new business in the property line. These increases were partially offset by the non-renewal in prior periods of certain motor treaties. This sub-segment reported a technical ratio of 94.1%, which included 18.6 points (or $218 million) of net favorable prior year loss development which was partially offset by 13.4 points (or $157 million) of losses related to Superstorm Sandy and the U.S. drought.

For the fourth quarter, the Global (Non-U.S.) P&C sub-segment’s net premiums written were down 13%, or 10% on a constant foreign exchange basis, due to the impact of cancellations and downward prior period premium adjustments in the property line of business. This sub-segment reported a technical ratio of 74.1%, which included 21.9 points (or $40 million) of net favorable prior year loss development. For the full year 2012, the Global (Non-U.S.) P&C sub-segment’s net premiums written were flat, or up 4% on a constant foreign exchange basis. The increase was primarily due to new business written in the motor line of business, which was partially offset by cancellations in the property line of business. This sub-segment reported a technical ratio of 85.9%, which included 16.9 points (or $114 million) of net favorable prior year loss development.

For the fourth quarter, the Global (Non-U.S.) Specialty sub-segment’s net premiums written were down 6%, or 4% on a constant foreign exchange basis, primarily due to lower premium estimates in the marine line and downward prior period premium adjustments in the engineering line. This sub-segment reported a technical ratio of 97.8%, which included 25.4 points (or $86 million) of losses, net of retrocession and reinstatement premiums, related to Superstorm Sandy, which was partially offset by 13.6 points (or $46 million) of net favorable prior year loss development. For the full year 2012, the Global (Non-U.S.) Specialty sub-segment’s net premiums written were up 5%, or 8% on a constant foreign exchange basis. The increase was primarily due to new business in the marine and specialty property lines of business, partially offset by non-renewals in the energy line. This sub-segment reported a technical ratio of 83.2%, which included 18.2 points (or $251 million) of net favorable prior year loss development, which was partially offset by 6.3 points (or $86 million) of losses, net of retrocession and reinstatement premiums, related to Superstorm Sandy.

For the fourth quarter, which is traditionally a quiet catastrophe renewal period, the Catastrophe sub-segment’s net premiums written were up $5 million, on a constant foreign exchange basis, to $25 million. This sub-segment reported a technical ratio of 45.4%, which included 66.9 points (or $71 million) of losses, net of retrocession and reinstatement premiums, related to Superstorm Sandy which was partially offset by 18.5 points (or $23 million) of net favorable prior year loss development. For the full year 2012, the Catastrophe sub-segment’s net premiums written were down 19% primarily due to the non-renewal of certain business during 2011 and early 2012 and a reduction in reinstatement premiums, which were partially offset by new business. This sub-segment reported a technical ratio of 31.7%, which included 17.6 points (or $71 million) of losses, net of retrocession and reinstatement premiums, related to Superstorm Sandy which was partially offset by 9.8 points (or $45 million) of net favorable prior year loss development.

For the fourth quarter, the Life segment’s net premiums written were up 4%, or 7% on a constant foreign exchange basis, primarily due to new business. For the full year 2012, the Life segment’s net premiums written were up 2%, or 6% on a constant foreign exchange basis, primarily due to new longevity business and partially offset by lower mortality premiums.

The Life allocated underwriting result, which includes allocated investment income and operating expenses, decreased to $5 million in the fourth quarter of 2012 compared to $6 million in the same period of 2011. The decrease was primarily due to a modest decline in allocated investment income. The Life allocated underwriting result increased to $48 million for the full year 2012, compared to $39 million in the same period of 2011. The increase was primarily due to a higher level of favorable development related to the mortality portfolio and an increase in other income.

For the fourth quarter, investment and capital markets activities contributed income of $126 million to pre-tax net income, excluding investment income allocated to the Life segment. Of this amount, income of $120 million was included in pre-tax operating earnings and an additional $6 million in net realized and unrealized gains on investments and earnings from equity investee companies was included in pre-tax non-operating income. For the full year 2012, investment and capital markets activities contributed income of $1,004 million to pre-tax net income, excluding investment income allocated to the Life segment. Of this amount, income of $500 million was included in pre-tax operating earnings and an additional $504 million in net realized and unrealized gains on investments and earnings from equity investee companies was included in pre-tax non-operating income.

Revenues

Gross premiums written

Net premiums written

Decrease (increase) unearned premiums

Net premiums earned

Net investment income

Net realized and unrealized investment gains

Other income

Total revenues

Expenses

Losses and loss expenses and life policy benefits

Acquisition costs

Other operating expenses

Interest expense

Amortization of intangible assets

Net foreign exchange losses (gains)

Total expenses

Income (loss) before taxes and interest in earnings (losses) of equity investments

Income tax expense

Interest in earnings (losses) of equity investments

Net income (loss)

Preferred dividends

Operating earnings (loss) available to common shareholders

Comprehensive income (loss), net of tax

Per share data:

Earnings (loss) per common share:

Basic operating earnings (loss)

Net realized and unrealized investment (losses) gains, net of tax

Net foreign exchange gains, net of tax

Interest in earnings (losses) of equity investments, net of tax

Basic net income (loss)

Weighted average number of common shares outstanding

Diluted operating earnings (loss)

Net realized and unrealized investment (losses) gains, net of tax

Net foreign exchange gains, net of tax

Interest in earnings (losses) of equity investments, net of tax

Diluted net income (loss)

Weighted average number of common shares and common share equivalents outstanding

Dividends declared per common share

Assets

Investments:

Fixed maturities, trading securities, at fair value

Short-term investments, trading securities, at fair value

Equities, trading securities, at fair value

Other invested assets

Total investments

Funds held - directly managed

Cash and cash equivalents, at fair value, which approximates amortized cost

Accrued investment income

Reinsurance balances receivable

Reinsurance recoverable on paid and unpaid losses

Funds held by reinsured companies

Deferred acquisition costs

Deposit assets

Net tax assets

Goodwill

Intangible assets

Other assets

Total assets

Liabilities

Unpaid losses and loss expenses

Policy benefits for life and annuity contracts

Unearned premiums

Other reinsurance balances payable

Deposit liabilities

Net tax liabilities

Accounts payable, accrued expenses and other

Debt related to senior notes

Debt related to capital efficient notes

Total liabilities

Shareholders’ Equity

Common shares (par value $1.00; issued: 2012, 85,459,905 shares; 2011, 84,766,693 shares)

Preferred shares (par value $1.00; issued and outstanding: 2012 and 2011, 35,750,000 shares; aggregate liquidation value: 2012 and 2011, $893,750)

Additional paid-in capital

Accumulated other comprehensive income (loss):

Currency translation adjustment

Other accumulated comprehensive loss

Retained earnings

Common shares held in treasury, at cost (2012, 26,550,530 shares; 2011, 19,444,365 shares)

Total shareholders’ equity

Total liabilities and shareholders’ equity

Shareholders’ Equity Per Common Share (excluding preferred shares: 2012 and 2011, $893,750)

Diluted Book Value Per Common Share and Common Share Equivalents Outstanding (assuming exercise of all share-based awards)

Number of Common Share and Common Share Equivalents Outstanding

Gross premiums written

Net premiums written

Decrease in unearned premiums

Net premiums earned

Losses and loss expenses and life policy benefits

Acquisition costs

Technical result

Other income

Other operating expenses

Underwriting result

Net investment income

Allocated underwriting result ⁽¹⁾

Net realized and unrealized investment gains

Interest expense

Amortization of intangible assets

Net foreign exchange losses

Income tax expense

Interest in earnings of equity investments

Net income

Loss ratio ⁽²⁾

Acquisition ratio ⁽³⁾

Technical ratio ⁽⁴⁾

Other operating expense ratio ⁽⁵⁾

Combined ratio ⁽⁶⁾

Gross premiums written

Net premiums written

Decrease in unearned premiums

Net premiums earned

Losses and loss expenses and life policy benefits

Acquisition costs

Technical result

Other income

Other operating expenses

Underwriting result

Net investment income

Allocated underwriting result ⁽¹⁾

Net realized and unrealized investment gains

Interest expense

Amortization of intangible assets

Net foreign exchange gains

Income tax expense

Interest in losses of equity investments

Net loss

Loss ratio ⁽²⁾

Acquisition ratio ⁽³⁾

Technical ratio ⁽⁴⁾

Other operating expense ratio ⁽⁵⁾