Ace reported a net loss for the third quarter, hit by a $406m loss from hurricanes and typhoons and the impact of the Eliot Spitzer probe into Marsh & McLennan.
The third-quarter net loss for Ace was $3m, compared with net income of $355m a year earlier.
Chief executive Evan Greenberg said the quarter was perhaps the worst on record for natural catastrophe losses in the property/casualty industry.
"It was a difficult financial quarter for the property/casualty industry, and Ace was no exception," he said.
Ace Global Markets, the London-based Lloyd's excess and surplus business, saw net premiums written fall 7% to $236m.
Greenberg said the drop showed "responsible underwriting" as competitive conditions made some business less attractive to Ace.
The 2025 Insurance Times Awards took place on the evening of Wednesday 3rd December in the iconic Great Room of London’s Grosvenor House.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Many congratulations to all the worthy winners and as always, huge thanks to our sponsors for their support and our judges for their expertise.
