Ace posts Q3 loss
Ace has reported a net loss for the third quarter of 2011 of $31m (£19.4m) compared with a profit of $675m in the same period of 2010.
The insurer highlighted that it had been impacted by equity markets, low interest rates along with charges to its variable annuity reinsurance business and corporate fixed income investment portfolio.
However the company also revealed record after-tax operating income of $759m, up 10% from $688m in the third quarter of 2010. Gross written premium for the insurance - overseas general division, of which the UK is a part - rose from $1,584m in the third quarter of 2010 to $1,883m in the same period
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