Reinsurance FY results round-up
This week Ace, the Bermudian (re)insurer, reported a 12% rise in full-year net income to $2.57bn, up from $2.30bn. However, combined ratio for the year fell to 87.9% from 88.1%, while net written premiums for the year fell marginally to $11.98bn from $12.030bn in 2006. Evan Greenberg, ACE’s chief executive, said the group was “well-positioned” to manage the softening property and catastrophe cycle.
Renaissance Re, the Bermudian (re)insurer, said that full-year net income fell to $612.4m, down from $797.1m a year before, compounded by a $167.2m writedown in value of sidecar Channel Re as well asOnly users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
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