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Ace Net Income Jumps 172%; CEO Greenberg: Rate Increases to Continue

Citing excellent underwriting results and growth in premium rates, Ace Ltd. says second-quarter net income jumped 172 percent and its CEO predicts the industry will continue to get rate increases despite soft reinsurance market conditions.

By Mark E. Ruquet | Updated on July 24, 2013

Citing excellent underwriting results and growth in premium rates, Ace Ltd. says second-quarter net income jumped 172 percent and its CEO predicts the industry will continue to get rate increases despite soft reinsurance market conditions.

Q2 net income was up $561 million to $891 million in the quarter on an increase of 6 percent increase in net premiums written to $4.4 billion. Underwriting income grew 11 percent to $478 million. For the six months, net income grew 42 percent to $1.84 billion while net premiums written grew 6 percent to $8.2 billion. Underwriting income was up 13 percent to $866 million.

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