Bermudian reinsurer Ace has announced a record net income of $489m for the first quarter of 2006 against the $437mn it reported for the first quarter of last year.
The record income was achieved in the face of an $80m charge to cover an imminent settlement with regulators.
Ace said underwriting income fell 15.5% from $329m to $278m. Gross and net written premiums both fell, to $4.51bn and $3.31bn, while net premiums earned fell from $2.87bn last year to $2.8bn for the quarter.
Evan Greenberg, president and CEO of ACE, said: "We had an excellent quarter. All divisions of ACE performed well.
