Two of the oldest participants in the Bermuda casualty insurance market reported markedly different second-quarter results, and the older one, ACE, is benefiting from the problems of competitor XL, executives said this morning.
During a conference call announcing a 15 percent jump in net income for the second quarter, Evan Greenberg, chairman and CEO of ACE Limited, now a Zurich-based holding company, said his company's insurance operating subsidiaries are poised to take advantage of opportunities created by concerns about XL's financial wherewithal.
Asked by an investment analyst whether XL's woes were having a positive or negative impact on ACE's business, Mr. Greenberg remarked, "It hasn't affected our business negatively."
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