Bermuda’s ACE Limited announced that earnings for the third quarter had rebounded strongly from a year ago. Gross premiums written rose by $455.3 million to just under $2 billion for the quarter, a 29 percent increase. All ACE units reported growth.
“Net premiums written during the quarter increased by 31 percent to $1.2 billion compared with $911 million for the same quarter last year. Net premiums earned during the quarter increased 23 percent to $1.2 billion from $953 million in the same quarter last year,” said the announcement.
Commenting on the report, ACE Chairman and CEO Brian Duperreault stated, “The tremendous market acceptance of the ACE brand, coupled with improving market conditions, helped us to again show significant growth in production, while our commitment to maintaining our underwriting standards continues to serve us well with all of our operating units once again reporting combined ratios under 100 percent.”
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