The worst drought faced by the United States in decades is expected to cause as much as $68 million in third-quarter Crop Insurance losses for Ace Ltd., says the company’s chief executive.

During a conference call with financial analysts, Evan G. Greenberg, chairman and CEO for Zurich-based international insurer Ace, said that while second-quarter results for Crop Insurance were in line with expectations, the remainder of the year would likely deliver higher loss results.

“There is much discussion about drought conditions in the U.S., in some states quite severe and with a serious impact on crops,” said Greenberg. “Based on conditions as they stand now, and given our portfolio mix by state and crop, we will adjust our Crop Insurance loss ratio for the year up in the range of five points during the third quarter, bringing our crop-related-business combined ratio to between 93 and 94 percent.”

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