PROFITS FLAT AT ACE

Zurich-based insurer/reinsurer Ace has reported a net gain of $1.102bn for the first half, up from $1.099bn in the same period last year, on gross premiums written of $9.65bn, down from $9.70bn. The combined ratio rose fractionally to 87.6% from 86.2%. CEO Evan Greenberg said that “recession, a strong US dollar and a competitive pricing environment impacted premium growth”. For Q2, prior year favourable development was $158m, compared with $104m in Q2 2008. In a conference call Mr Greenberg said that the June 1 Air France crash that killed 228 people on a flight from Brazil to France had led to a 37% fall in accident and health earnings for the quarter, down to $87m from $138m in Q2 2008.