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Strong Ace growth hit by weak markets.
(From Insurance Day)
Byline: Richard Banks
BERMUDA'S Ace Limited reported strong growth for the first quarter of 2003, but chairman and chief executive Brian Duperreault lamented that the figures had been impacted by the weak investment market. During the quarter, Ace achieved net income totalling $247m, up from the $198m seen in the same period last year.
Net operating income for the quarter was $279m, up from $216m last year. Ace's gross written premiums for the quarter were $4.11bn, representing nearly a $1bn increase on the first three months of 2002.
The majority of this figure $1.66bn relates to North American insurance business. Overseas general insurance business contributed $1.4bn, while global reinsurance and financial services business brought in $511m and $532m respectively.
Net written premiums totalled $2.93bn for the quarter, and the breakdown of figures shows Ace paid more for its reinsurance on North American insurance business.
For the quarter Ace achieved a ...
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