NU Online News Service, July 28, 3:33 p.m. EDT

Zurich-based ACE Ltd. said its 2010 second-quarter profit increased 27 percent to $677 million compared with last year during the same time.

Chairman and Chief Executive Officer Evan G. Greenberg said the 89.7 combined ratio posted during the second quarter points to the company's successful risk management, diversification and underwriting in the face of $81 million, including reinstatement premiums, in second-quarter catastrophe losses--more than double the amount during the prior year.

Last year at this time the insurer and reinsurer posted an 87.7 combined ratio. This year catastrophe losses added more than two points to the combined ratio in the second quarter.

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