Insurer boss hails P&C market improvements

ACE’s operating income for the first half of 2012 was $1.444bn (£916.7bn), up from $932m (£592.9m) in the same period in 2011.

Half year gross written premium was $10.44bn, up 3.7% from $10.06bn for the first half of last year.

The combined operating ratio (COR) for property and casualty was 88.9% for the half year, compared to 98.5% in the first half of 2011.

ACE’s overseas general insurance division had a COR of 90.3% for the half year, better than the 99.2% reported in the same period of 2011.

ACE chairman and chief executive Evan Greenberg said: “We are benefiting from strong, broad-based growth, both geographic and product, along with an improving P&C price environment globally.

“At the same time, we are mindful of the economic and political headwinds – beginning with the Eurozone crisis and the U.S. fiscal cliff, which are impacting economic conditions and business confidence in the U.S., China and the balance of the world – and the uncertainties these present.”