“They don't know any better,” he says. “I'm convinced many of them don't know the difference between what's an adequate or inadequate price.”

Meanwhile, the best companies “are endeavoring to do what we do and show discipline. And they are trying to press the market to recognize a price that reflects the risk.”

Greenberg continues, “I see a number of companies that are trying—a few that are brand names—that are trying to do what we're doing.”

Meanwhile, Fitch says in a statement that while positive rate increases occurring throughout the industry are encouraging, “premium rates in many market segments are well below the level corresponding to an adequate return on capital, and it is questionable whether near-term pricing momentum is sustainable given the amount of underwriting capacity that remains active within the broader market.”

Fitch also says underwriting combined-ratio targets to produce favorable returns on capital are higher given a continued decline in investment yields.

But Fitch does note that it views better industry pricing “as a sign that returns on capital will stabilize in 2012.”

As a sign that rates have been increasing, Fitch points to a recent Council of Insurance Agents and Brokers commercial lines market survey showing a 1 percent price increase in the third quarter, the first reported increase since 2004.

Fitch also notes that insurance broker Willis Group Holdings PLC, in its recent earnings conference call, indicates that rates overall were flat but rising in weaker-performing segments, including workers' compensation and property lines.

For ACE, property and casualty net premiums in North America were up 53 percent during the quarter, primarily driven by high net-worth personal lines, ACE's crop insurance business, and wholesale business where the company experienced “modest growth for the first time in many quarters.”

ACE looks to close the acquisition of agricultural insurer Penn Millers in the first quarter 2012 and ACE remains “open to additional acquisitions where they further our strategy,” Greenberg says.

“We are seeing a greater pipeline of opportunity than in recent past,” adds Greenberg, due to the stressed economic environment.

The news about rates was positive in most of ACE's lines of business as the company reported a $31 million third-quarter loss due to losses in its variable annuity reinsurance business.

Greenberg reports retail commercial in the U.S. achieved positive rates in standard lines while property and casualty rates were up 3.2 percent. Specialty casualty was up 3.2 percent and for the “first time in a long time” rates in ACE's risk management business were flat instead of down.

Greenberg says new business and renewal pricing are “tracking very closely” and in some cases new business pricing has been better than renewals.

Additional reporting by Phil Gusman