earned.
Administrative expenses in 2006 include $80 million related to the settlement with certain governmental agencies from their investigations of various insurance industry practices.
Our effective income tax rate, which we calculate as income tax expense divided by income before income tax, is dependent upon the mix of earnings from different jurisdictions with various tax rates.
A change in the geographic mix of earnings would change the effective income tax rate.
Our effective tax rate on net income was 24 percent in 2008, compared with 18 percent in 2007 and 2006.
For 2008, our effective tax rate was adversely impacted by large realized losses on investments and derivatives and also due to a higher proportion of our net income being generated in higher tax-paying jurisdictions.
We decreased our liability for unrecognized tax benefits in the amount of $39 million in 2007 due primarily to a change in tax regulation.
Prior Period Development The favorable prior period development of $814 million on net unpaid losses and loss expenses during the year ended December 31, 2008, was the net result of several underlying favorable and adverse movements.
In the sections following the table below, significant prior period movements within each reporting segment by claim-tail attribute are discussed in more detail.
Long-tail lines include lines such as workers’ compensation, general liability, and professional liability.
Short-tail lines include lines such as most property lines, energy, personal accident, aviation, and marine.
The following table summarizes prior period development, (favorable) and adverse, by segment and claim-tail attribute for the years ended December 31, 2008 and 2007.
## Table 0 ##
* Calculated based on the segment beginning of period net unpaid losses and loss expense reserves.
** Insurance – North American: $52 million favorable development on workers’ compensation was reclassified from short-tail to long-tail.
*** Global Reinsurance: $5 million favorable development on workers’ compensation was reclassified from short-tail to long-tail.
Insurance – North American Insurance – North American incurred net favorable prior period development of $351 million in 2008, representing 2.4 percent of the segment’s net unpaid loss and loss expense reserves at December 31, 2007.
The net prior period development in 2008 was the net result of several underlying favorable and adverse movements, driven by the following principal changes: ?
Net favorable development of $131 million on long-tail business, including: ?
Adverse development of $15 million in our national accounts workers’ compensation portfolios comprised two items of significance.
First, favorable development of $47 million arising on accident year 2007, due to the absence of multiclaimant events such as industrial accidents.
The majority of our exposure for these perils falls under our national accounts high deductible and excess product lines.
We evaluate this exposure on an annual basis, after the accident year has closed, allowing for the late reporting or identification of significant losses and for an initial assessment of the accident year.
Our review in 2008 of potential 2007 events, coupled with our initial assessment of the accident year has led to a decrease in our estimate of the required provision for these claims.
Second, adverse development of $62 million relating to 2003 and prior accident years.
This development was the direct result of reported loss activity greater than expected in our prior review.
During the past year, a targeted open case reserve review was conducted by our claims staff which resulted in a number of material case reserve increases that were not anticipated in our prior estimates of ultimate loss; ?
Favorable development of $32 million in our national accounts commercial auto and general liability product lines comprised two items of significance.
First, favorable development of $19 million was mainly from accident years 2003
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS – (continued) ACE LIMITED AND SUBSIDIARIES The weighted-average remaining contractual term was 5.7 years for the stock options outstanding and 4.3 years for the stock options exercisable at December 31, 2010.
The total intrinsic value was $184 million for stock options outstanding and $124 million for stock options exercisable at December 31, 2010.
The weighted-average fair value for the stock options granted for the years ended December 31, 2010, 2009, and 2008, was $12.09, $12.95, and $17.60, respectively.
The total intrinsic value for stock options exercised during the years ended December 31, 2010, 2009, and 2008, was $22 million, $12 million, and $54 million, respectively.
The amount of cash received during the year ended December 31, 2010, from the exercise of stock options was $53 million.
Restricted stock and restricted stock units The Company’s 2004 LTIP provides for grants of restricted stock and restricted stock units with a 4-year vesting period, based on a graded vesting schedule.
The Company also grants restricted stock awards to non-management directors which vest at the following year’s annual general meeting.
The restricted stock is granted at market close price on the date of grant.
Each restricted stock unit represents the Company’s obligation to deliver to the holder one Common Share upon vesting.
Included in the Company’s share-based compensation expense for the year ended December 31, 2010, is a portion of the cost related to the unvested restricted stock granted in the years 2006 – 2010.
The following table presents a roll-forward of the Company’s restricted stock for the years ended December 31, 2010, 2009, and 2008.
Included in the roll-forward below are 36,248 and 38,154 restricted stock awards that were granted to non-management directors during 2010 and 2009, respectively.
## Table 1 ##
During 2010, the Company awarded 326,091 restricted stock units to officers of the Company and its subsidiaries with a weighted-average grant date fair value of $50.36.
During 2009, 333,104 restricted stock units, with a weighted-average grant date fair value of $38.75, were awarded to officers of the Company and its subsidiaries.
During 2008, 223,588 restricted stock units, with a weighted-average grant date fair value of $59.93, were awarded to officers of the Company and its subsidiaries.
At December 31, 2010, the number of unvested restricted stock units was 636,758.
Prior to 2009, the Company granted restricted stock units with a 1-year vesting period to non-management directors.
Delivery of Common Shares on account of these restricted stock units to non-management directors is deferred until six months after the date of the non-management directors’ termination from the Board.
During 2008, 40,362 restricted stock units were awarded to non-management directors.
At December 31, 2010, the number of deferred restricted stock units was 230,451.
ESPP The ESPP gives participating employees the right to purchase Common Shares through payroll deductions during consecutive “Subscription Periods” at a purchase price of 85 percent of the fair value of a Common Share on the Exercise Date.
Annual purchases by participants are limited to the number of whole shares that can be purchased by an amount equal to ten percent
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS – (continued) ACE LIMITED AND SUBSIDIARIES Excluded from adjusted weighted-average shares outstanding and assumed conversions is the impact of securities that would have been anti-dilutive during the respective years.
For the years ended December 31, 2010, 2009, and 2008, the potential anti-dilutive share conversions were 256,868 shares, 1,230,881 shares, and 638,401 shares, respectively.19.
Related party transactions The ACE Foundation – Bermuda is an unconsolidated not-for-profit organization whose primary purpose is to fund charitable causes in Bermuda.
The Trustees are principally comprised of ACE management.
The Company maintains a non-interest bearing demand note receivable from the ACE Foundation – Bermuda, the balance of which was $30 million and $31 million, at December 31, 2010 and 2009, respectively.
The receivable is included in Other assets in the accompanying consolidated balance sheets.
The borrower has used the related proceeds to finance investments in Bermuda real estate, some of which have been rented to ACE employees at rates established by independent, professional real estate appraisers.
The borrower uses income from the investments to both repay the note and to fund charitable activities.
Accordingly, the Company reports the demand note at the lower of its principal value or the fair value of assets held by the borrower to repay the loan, including the real estate properties.20.
Statutory financial information The Company’s insurance and reinsurance subsidiaries are subject to insurance laws and regulations in the jurisdictions in which they operate.
These regulations include restrictions that limit the amount of dividends or other distributions, such as loans or cash advances, available to shareholders without prior approval of the insurance regulatory authorities.
There are no statutory restrictions on the payment of dividends from retained earnings by any of the Bermuda subsidiaries as the minimum statutory capital and surplus requirements are satisfied by the share capital and additional paid-in capital of each of the Bermuda subsidiaries.
The Company’s U. S.  subsidiaries file financial statements prepared in accordance with statutory accounting practices prescribed or permitted by insurance regulators.
Statutory accounting differs from GAAP in the reporting of certain reinsurance contracts, investments, subsidiaries, acquisition expenses, fixed assets, deferred income taxes, and certain other items.
The statutory capital and surplus of the U. S.  subsidiaries met regulatory requirements for 2010, 2009, and 2008.
The amount of dividends available to be paid in 2011, without prior approval from the state insurance departments, totals $850 million.
The following table presents the combined statutory capital and surplus and statutory net income of the Bermuda and U. S.  subsidiaries at and for the years ended December 31, 2010, 2009, and 2008.
## Table 2 ##
As permitted by the Restructuring discussed previously in Note 7, certain of the Company’s U. S.  subsidiaries discount certain A&E liabilities, which increased statutory capital and surplus by approximately $206 million, $215 million, and $211 million at December 31, 2010, 2009, and 2008, respectively.
The Company’s international subsidiaries prepare statutory financial statements based on local laws and regulations.
Some jurisdictions impose complex regulatory requirements on insurance companies while other jurisdictions impose fewer requirements.
In some countries, the Company must obtain licenses issued by governmental authorities to conduct local insurance business.
These licenses may be subject to reserves and minimum capital and solvency tests.
Jurisdictions may impose fines, censure, and/or criminal sanctions for violation of regulatory requirements.
Insurance – North American’s net catastrophe losses were $143 million in 2010, compared with $58 million and $298 million in 2009 and 2008, respectively.
The catastrophe losses for 2010, were related to severe weather-related events in the U. S.  and earthquakes in Haiti and Chile.
The catastrophe losses for 2009 were related to an earthquake in Asia and several weather-related events in the U. S.  Catastrophe losses in 2008 were primarily related to Hurricanes Gustav and Ike.
Insurance – North American experienced net favorable prior period development of $107 million in 2010.
This compares with net favorable prior period development of $179 million and $351 million in 2009 and 2008, respectively.
Refer to “Prior Period Development” for more information.
The adjusted loss and loss expense ratio declined in 2010, compared with 2009, primarily due to the impact of the crop settlements, non- recurring premium adjustment and the reduction in assumed loss portfolio business, which is written at higher loss ratios than other types of business.
Insurance – North American’s policy acquisition cost ratio increased in 2010, compared with 2009.
In 2010, our retail units experienced a shift in mix of business towards higher commission specialty casualty business, professional and personal lines, and a decline in assumed loss portfolio business which generates minimal expense.
In the wholesale division, the impact of crop settlements which generated higher profit-share commissions and a lower adjustment to net premiums earned compared with 2009, contributed to this increase.
Insurance – North American’s policy acquisition cost ratio decreased in 2009, compared with 2008, due to a higher ceding commission benefit and the increased assumed loss portfolio business in the retail division.
In addition, we experienced more favorable final crop year settlement of profit share commissions in the wholesale division in 2009.
Insurance – North American’s administrative expense ratio decreased in 2010 primarily due to higher net results generated by our third party claims administration business in the retail division, ESIS, the results of which are included within our administrative expenses.
ESIS generated $85 million in net results in 2010, compared with $26 million in 2009.
This increase is primarily from non-recurring sources.
In addition, the decline in assumed loss portfolio business resulted in an adverse impact on our administrative expense ratio in 2010.
Insurance – North American’s administrative expense ratio increased in 2009, compared with 2008, primarily due to higher administrative expenses in our retail division to support growth in certain businesses, from both new and existing products, as well as higher spending to support growth in the personal lines business.
Insurance – Overseas General The Insurance – Overseas General segment comprises ACE International, our retail business serving territories outside the U. S. , Bermuda, and Canada; the international A&H and life business of Combined Insurance; and the wholesale insurance business of ACE Global Markets, our London-based excess and surplus lines business that includes Lloyd’s Syndicate 2488.
The reinsurance operation of ACE Global Markets is included in the Global Reinsurance segment.
## Table 3 ##

Tables referenced above, in order (Table 0 first):
<table><tr><td>(in millions of U.S. dollars, except for percentages)</td><td>Long-tail</td><td>Short-tail</td><td>Total</td><td>% of net unpaid reserves*</td></tr><tr><td> 2008</td><td></td><td></td><td></td><td></td></tr><tr><td> Insurance – North American </td><td>$-131</td><td>$-220</td><td>$-351</td><td> 2.4%</td></tr><tr><td> Insurance – Overseas General </td><td>-131</td><td>-173</td><td>-304</td><td> 4.7%</td></tr><tr><td> Global Reinsurance </td><td>-17</td><td>-142</td><td>-159</td><td> 5.9%</td></tr><tr><td> Total</td><td>$-279</td><td>$-535</td><td>$-814</td><td> 3.5%</td></tr><tr><td>2007</td><td></td><td></td><td></td><td></td></tr><tr><td>Insurance – North American**</td><td>$-13</td><td>$22</td><td>$9</td><td>0.1%</td></tr><tr><td>Insurance – Overseas General</td><td>-53</td><td>-139</td><td>-192</td><td>3.2%</td></tr><tr><td>Global Reinsurance***</td><td>8</td><td>-42</td><td>-34</td><td>1.3%</td></tr><tr><td>Total</td><td>$-58</td><td>$-159</td><td>$-217</td><td>1.0%</td></tr></table>
<table><tr><td></td><td>Number of Restricted Stock</td><td>Weighted-Average Grant-Date Fair Value</td></tr><tr><td>Unvested restricted stock, December 31, 2007</td><td>3,821,707</td><td>$53.12</td></tr><tr><td>Granted</td><td>1,836,532</td><td>$59.84</td></tr><tr><td>Vested and issued</td><td>-1,403,826</td><td>$50.96</td></tr><tr><td>Forfeited</td><td>-371,183</td><td>$53.75</td></tr><tr><td>Unvested restricted stock, December 31, 2008</td><td>3,883,230</td><td>$57.01</td></tr><tr><td>Granted</td><td>2,603,344</td><td>$39.05</td></tr><tr><td>Vested and issued</td><td>-1,447,676</td><td>$54.85</td></tr><tr><td>Forfeited</td><td>-165,469</td><td>$51.45</td></tr><tr><td>Unvested restricted stock, December 31, 2009</td><td>4,873,429</td><td>$48.25</td></tr><tr><td>Granted</td><td>2,461,076</td><td>$51.09</td></tr><tr><td>Vested and issued</td><td>-1,771,423</td><td>$50.79</td></tr><tr><td>Forfeited</td><td>-257,350</td><td>$47.93</td></tr><tr><td>Unvested restricted stock, December 31, 2010</td><td>5,305,732</td><td>$48.74</td></tr></table>
<table><tr><td></td><td>Bermuda Subsidiaries</td><td>U.S. Subsidiaries</td></tr><tr><td>(in millions of U.S. dollars)</td><td>2010</td><td>2009</td><td>2008</td><td>2010</td><td>2009</td><td>2008</td></tr><tr><td>Statutory capital and surplus</td><td>$11,798</td><td>$9,164</td><td>$6,205</td><td>$6,266</td><td>$5,885</td><td>$5,368</td></tr><tr><td>Statutory net income</td><td>$2,430</td><td>$2,369</td><td>$2,196</td><td>$1,047</td><td>$904</td><td>$818</td></tr></table>
<table><tr><td></td><td></td><td></td><td></td><td colspan="2">% Change</td></tr><tr><td>(in millions of U.S. dollars, except for percentages)</td><td>2010</td><td>2009</td><td>2008</td><td>2010 vs.2009</td><td>2009 vs.2008</td></tr><tr><td>Net premiums written</td><td>$5,280</td><td>$5,145</td><td>$5,332</td><td>3%</td><td>-4%</td></tr><tr><td>Net premiums earned</td><td>5,240</td><td>5,147</td><td>5,337</td><td>2%</td><td>-4%</td></tr><tr><td>Losses and loss expenses</td><td>2,647</td><td>2,597</td><td>2,679</td><td>2%</td><td>-3%</td></tr><tr><td>Policy benefits</td><td>4</td><td>4</td><td>12</td><td>0%</td><td>-67%</td></tr><tr><td>Policy acquisition costs</td><td>1,251</td><td>1,202</td><td>1,193</td><td>4%</td><td>1%</td></tr><tr><td>Administrative expenses</td><td>840</td><td>783</td><td>793</td><td>7%</td><td>-1%</td></tr><tr><td>Underwriting income</td><td>498</td><td>561</td><td>660</td><td>-11%</td><td>-15%</td></tr><tr><td>Net investment income</td><td>475</td><td>479</td><td>521</td><td>-1%</td><td>-8%</td></tr><tr><td>Net realized gains (losses)</td><td>123</td><td>-20</td><td>-316</td><td>NM</td><td>94%</td></tr><tr><td>Interest expense</td><td>1</td><td>–</td><td>–</td><td>NM</td><td>0%</td></tr><tr><td>Other (income) expense</td><td>-13</td><td>20</td><td>-11</td><td>NM</td><td>NM</td></tr><tr><td>Income tax expense</td><td>173</td><td>186</td><td>100</td><td>-7%</td><td>86%</td></tr><tr><td>Net income</td><td>$935</td><td>$814</td><td>$776</td><td>15%</td><td>5%</td></tr><tr><td>Loss and loss expense ratio</td><td>50.6%</td><td>50.5%</td><td>50.4%</td><td></td><td></td></tr><tr><td>Policy acquisition cost ratio</td><td>23.9%</td><td>23.3%</td><td>22.4%</td><td></td><td></td></tr><tr><td>Administrative expense ratio</td><td>16.0%</td><td>15.2%</td><td>14.8%</td><td></td><td></td></tr><tr><td>Combined ratio</td><td>90.5%</td><td>89.0%</td><td>87.6%</td><td></td><td></td></tr></table>

Question: What's the total amount of the Total for Long-tail in the years where Net premiums written is greater than 5300? (in million)
Answer: -279
Reasoning program: subtract(-131,131), subtract(#0,17)