Ace profits climb 37% amid acquisition drive
Global specialty insurer Ace booked a 37 percent year-on-year increase in third quarter net income to $675mn, amid a reduction in cat activity and investment write-downs.
The Swiss-incorporated group comfortably exceeded analyst expectations in a quarter where it also engaged in a $1.3bn acquisition drive in the US and Asia.
Ace today (28 October) unveiled a further $425mn cash purchase of New York Life's Hong Kong and Korea life insurance operations, adding to its property and casualty (P&C) insurance presence...
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