"The end of the soft market in insurance has arrived," Evan Greenberg, chairman and CEO of ACE Limited, declared this morning during an earnings conference call, also announcing a 92 percent drop in third-quarter income for the Zurich-based company.
For ACE, net realized and unrealized investment after-tax losses of $1.3 billion and $311 million losses for Hurricanes Ike and Gustav helped push the third-quarter bottom line down to $54 million, or 16 cents per share, compared to $656 million, or $1.95 per share in last year's third quarter.
Excluding $450 million of net realized losses for this year's third quarter, net operating income was $504 million, representing a decline of 27 percent from third-quarter 2007.
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