Over $700 million worth of hurricane losses put red ink on ACE Limited's bottom line for the third quarter.
The Bermuda-based company reported a third-quarter net loss of $112 million, or 43 cents per share. In last year's third quarter, net income was $4 million.
ACE's losses from Hurricanes Katrina, Rita and Dennis, and other catastrophes resulted in an after-tax charge of $742 million for the quarter, or $2.56 per share. In third-quarter 2004, after-tax net catastrophe losses were $406 million, or $1.42 per share.
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