Ace CEO Evan Greenberg says the nation's debt is choking theeconomy.

The chief executive ended his introductory remarks during anearning conference call on Oct. 24 with a plea to U.S. politiciansto “exhibit real leadership.”

“What we need is presidential and congressional leadership and aclear bipartisan plan that provides certainty about fiscaldiscipline that should be coupled with immediate actions tostimulate and encourage private sector growth, increase businesscompetitiveness [and] bring down unemployment,” Greenberg says.

He says the business community leadership is “fed up” with thelack of decision-making by politicians to address the $16 trilliondebt.

“There is no greater challenge facing our nation,” Greenbergadds. Annually the country spends more than a $1 trillion more thanits revenue—a trend that is not sustainable, he says.

“The debt is suffocating our economy, sapping confidence andkilling jobs, because the government is competing for dollars thatotherwise would be invested in the economy,” Greenberg says.

Ace reversed a third-quarter loss a year ago by turning aprofit of $640 million during the same period this year,despite booking a $97 million after-tax loss in its crop insurancesegment.

Ace Back to Q3 Profit in Face of $97m Crop Loss

Greenberg calls the market “big and messy,” with “pockets ofcompetition where prices continue to be under pressure.”

Pricing was up 3.6 percent in North America in the thirdquarter, which is lower than the 4.7 percent increases in thesecond quarter. But Greenberg says he expects an overall trend inincreases to continue.

On the excess and surplus side, rate increases are seen most incasualty lines. Greenberg says prices will continue to rise, with“highly-stressed casualty-related lines receiving significant butorderly levels of price increases, and less-severely stressedcasualty lines up modest single-digits or flat.”