ACE Ltd has reported a 95% rise in net premiums written for its global reinsurance operation during the second quarter 2002.
The Bermudian insurer said net premiums written during the second quarter of 2002 increased by 28% to $1.9bn compared with $1.5bn for the same quarter in 2001.
Underwriting results also improved in the current quarter with a consolidated combined ratio of 91.5% versus 99.1% for the same quarter 2001.
Net operating income for the quarter ended June 30 was $236m, compared with $115m for the same quarter 2001. The second quarter of 2001 included catastrophe losses of $0.23 per share and goodwill amortization of $0.08 per share.
Net income was $104m compared with $131m for 2001
reflecting net realised losses of $125m and debt pre-payment
expense of $7m in the current quarter, compared with net
realised gains of $20m and a non-recurring expense of $4m, in the same quarter in 2001.
Chairman and CEO of ACE Ltd Brian Duperreault said: "Evidence of a strong upturn in our business and a
more durable hard market continues to mount. We enjoyed significant growth in our property and casualty business, recorded our highest quarterly operating income ever, produced a gain in book value per share against the backdrop of falling equity markets and achieved a
14.6% annualized return on average equity for the period."
Gross premiums written during the quarter to June 30 increased by 22% to $2.9bn, compared with $2.4bn for the
comparable quarter in 2001.
