“There is no greater challenge facing our nation,” Greenberg adds. Annually the country spends more than a $1 trillion more than its revenue—a trend that is not sustainable, he says.

“The debt is suffocating our economy, sapping confidence and killing jobs, because the government is competing for dollars that otherwise would be invested in the economy,” Greenberg says.

Ace reversed a third-quarter loss a year ago by turning a profit of $640 million during the same period this year, despite booking a $97 million after-tax loss in its crop insurance segment.

Ace Back to Q3 Profit in Face of $97m Crop Loss

Greenberg calls the market “big and messy,” with “pockets of competition where prices continue to be under pressure.”

Pricing was up 3.6 percent in North America in the third quarter, which is lower than the 4.7 percent increases in the second quarter. But Greenberg says he expects an overall trend in increases to continue.

On the excess and surplus side, rate increases are seen most in casualty lines. Greenberg says prices will continue to rise, with “highly-stressed casualty-related lines receiving significant but orderly levels of price increases, and less-severely stressed casualty lines up modest single-digits or flat.”