Two of the oldest participants in the Bermuda casualty insurance market reported markedly different second-quarter results--with the senior player, ACE, poised to benefit from the recent problems confronting longtime competitor XL, ACE's top executive indicated last week.
During a conference call announcing a 15 percent jump in net income for the second quarter, Evan Greenberg, chairman and CEO of ACE Ltd.--now a Zurich-based holding company--said his insurance operating subsidiaries are prepared 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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