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.”
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.
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