NEW YORK (Bloomberg) - Ace Ltd., the insurer that moved to Zurich from Bermuda, said CEO Evan Greenberg's bonus dropped 31 percent last year as the stock had its first annual decline since 2002.

Mr. Greenberg's bonus was $2.9 million compared with $4.2 million in 2007, the insurer said on Tuesday in a regulatory filing.

Total compensation was $13.7 million in 2008 compared with $14 million a year earlier as the value of stock and option awards increased.