Ace Ltd., a global insurer run from offices in Zurich, New York and Old City Philadelphia, reported flat third-quarter sales in a weak global insurance market, and a big jump in earnings thanks partly to recovering investment values and a lack of costly summer storm damage. Report here.
Chief executive Evan Greenberg, son of American International Group founder Hank Greenberg, went on to deny his company is cutting premiums or extending extra coverage to win business from AIG and other struggling rivals. "There are some cowboys out there. There are guys writing this at what we think are pretty nuts terms, and so it's not completely a disciplined market. That's for sure."
Indeed, Ace "has benefited from a flight to quality in the insurance sector," CreditSights Inc. analysts Rob Haines and Joseph DiCarlo told bond investors in a report. "ACE is well positioned to benefit from current market dislocation and should be able to capture market share at the expense of weker competitors," thanks to its "transparent and capable management team." All this without a government bailout.
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