Ace reported an 11% increase in its net income for the second quarter of the year, up from $371m in 2003 to $413m for 2004.
Income for the second quarter, excluding net realised gains, went up from $286m in the second quarter of 2003 to $380m for the second quarter of 2004.
Ace president and chief executive officer Evan Greenberg, said: “This was an excellent quarter. All of our business segments performed well, which is a reflection of the investments we have made to increase both our product capability and physical presence globally.
“In light of a softening market, I remain confident in our ability to perform given our underwriting discipline and the diversity of our business opportunities.”
Net premiums written increased 19% to $2.9bn, reflecting P&C net premium growth of 25% over 2003, said the company.
It also reported that the P&C combined ratio improved to 89% for the quarter compared with 91.7% a year ago.
For its North American insurance operations, Ace said net written premiums had increased 37% and the combined ratio improved to 90.3%.
For its overseas general insurance business net written premiums increased 21% (11% after foreign exchange impact) and the combined ratio improved to 89.3%.
Net written premiums for global reinsurance were up 6% and with the combined ratio improving to 76.1%, said the company.
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.
