"The soft market for property and casualty insurance is essentially over, and rates will begin to firm," says Evan Greenberg, New York-based CEO of Ace Group, whose U.S. arm (the former Insurance Co. of North America) is based in Philadelphia (Ace employs around 2,300 locally). "At Ace, we have mandated flat pricing. No reductions."
As expected, Ace reported a big drop in profits due to the weak investment markets and hurricane damages. Release here.
Greenberg made it sound like he may be looking to buy parts of his father's former company, American International Group, the largest U.S.-based insurer, which was seized by the government after losing billions in stupid home loan and credit investments that Ace says it avoided. Citing the AIG takeover and the forced sales of several stricken banks, he said the crisis "will also create significant opportunties" for companies with the "wherewithal" to exploit them. "Based on what we see today, I believe we will see a reordering of players in the insurance industry," Greenberg said. "I am confident we will see Ace as one of the winners."
Questioned by analysts, he added, "We will make acquisitions where they further our strategy and where they make our company stronger. If that includes businesses in AIG, that will happen." But "we are not going to break discipline" to do dumb deals, he added.
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