Ace Quarterly Shows Less Loss
NU Online News Service, Oct. 30, 3:57 p.m. EST?Ace, Ltd., Hamilton, Bermuda, reported it had slowed its income loss during the third quarter while its combined ratio had improved by 45 points.
For the period ending Sept. 30, Ace reported a loss of $57 million in net income compared to a $442 million loss last year. For the nine months, the company said, net income has risen $437 million, going from a loss of $192 million in 2001 to $245 million.
Gross premiums written during the same period increased 41 percent, going from $2.5 billion in 2001 to $3.5 billion. For the nine months, Ace said, gross premiums rose $2.1 billion, or 28 percent, going from $7.5 billion to $9.6 billion.
The company reported improved combined ration over the third quarter last year, going from 142.5 percent in 2001 to 97.7 percent. For the nine months, combined ratio is 94.4 percent compared to 112.6 percent for 2001.
The results included $90 million after tax loss related to floods in Europe, Ace said.
Third-quarter earnings per share stood at a loss of 24 cents compared to a loss of $1.95 last year. For the nine months, earnings per share are 84 cents compared to a loss of 92 cents in 2001.
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