ACE Limited’s profits increase in 2009 Q3

ACE Limited reported a $494-million profit in 2009 Q3, compared to a $54-million profit over the same quarter last year.
“Our P&C combined ratio was 88.1% and benefited from positive prior period reserve development and light catastrophe losses in the period,” Evan G. Greenberg, chairman and CEO of ACE Limited, said in a release. “Excluding those items, our current accident year combined ratio for the quarter and the year was 93.3% and 91.4%, respectively — again, an excellent result.”
The property and casualty segment’s combined ratio for the nine months ending Sept. 30 was 87.8%.
Gross premiums written totalled US$5 billion for 2009 Q3, down slightly from the US$5.2 billion reported in 2008 Q3. Gross premiums written for the first nine months of 2009 were US$14.6 billion, compared to US$14.9 billion for the same period in 2008.
Net premiums written in the North American insurance segment decreased 6%.
Excluding the impact of prior-year crop insurance, net premiums written in North America were flat.
The combined ratio for the North American insurance segment was 91.3% compared with 104.1%.