Ace outperforms despite higher-than-expected crop losses
Ace became the latest P&C (re)insurer to beat analysts' expectations and report continued pricing momentum, as it absorbed higher-than-expected crop losses to book strong third quarter profits.
The company reported after-tax operating profits of $688mn, which were down on the $751mn made in the prior-year period but, at $2.01 a share, comfortably ahead of Wall Street consensus forecasts of $1.83 a share.
Nevertheless, crop insurance losses from the summer's wide-scale drought in the US had a significant impact on underwriting...
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