After his company reported an 8 percent rise in second-quarter income today ACE Limited's chief executive said he is worried about a marketplace with irresponsible competitors and concerned about defects in asbestos injury trust fund legislation he supports.
"As expected, revenue growth has slowed in line with market conditions," said ACE CEO Evan Greenberg. He referred to the fact that net premiums for ACE in the quarter grew only 1.7 percent to $2.9 billion.
"Much of our focus…was on preservation of renewals," he said. "New business was hard to come by, and business that went to market was often lost to competition for great price reductions," he added, citing reductions that could be as high as 30-to-50 percent.
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