Ace has defied a market trend by posting a net income of $259m for the first quarter of 2011.
But the insurer’s net income is down 66% year-on-year, after profits dropped from $755m for the same period last year.
Ace was hit by $443m in net catastrophe losses in the first quarter, almost triple the claims from the same period in 2010 ($149m).
Ace chief executive Evan Greenberg said despite catastrophe losses, the insurer remains positive.
“Our revenue growth was better than we originally anticipated when we planned the year and the renewal persistency of our business was excellent,” said Greenberg.
The insurers combined ratio rose to 105.0% from 92.8% as a direct result of recent catastrophe losses.
Net written premiums for the company decreased by 5%, while net premiums earned were flat.
Greenberg also said the company is poised to take advantage of any changes in market rates as a result of recent catastrophes.
