Bermuda insurers ACE and XL both reported record net income of around half-a-billion dollars for the third quarter last night, in contrast to whopping storm-driven losses last year.

For ACE, the exact third-quarter net income figure was the higher of the two, coming in at $578 million, or $1.72 per share, compared with a net loss of $112 million, or 43 cents per share in last year's third quarter.

XL's third-quarter income was $415.8 million, or $2.32 per share, compared with a loss of $1.05 billion, or $7.53 in third-quarter 2005.

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