Bermuda’s biggest insurance and reinsurance company ACE saw its profits soar by 13 percent during a successful third quarter, a percentage rise that exactly mirrored the percentage profit loss suffered by their closest rival and neighbour XL Capital.

ACE’s net income climbed from $578 million to $656 million year-on-year, representing an increase of $78 million.

Net income for the first nine months of the year increased 22 percent to $5.98 per share, compared with $4.92 per share of the first nine months of 2006.

Other highlights included a combined ratio of 88.5 percent for the third quarter 2007 compared to 85.8 percent for the corresponding period last year.

Evan Greenberg, chairman and CEO of ACE said: “We had another excellent quarter, marked by strong earnings and book value growth.

“It was a particularly strong quarter given the record-breaking results of the third quarter last year.

“Year-to-date, operating and net income were up more than 18 percent and 22 percent, respectively, and book value has increased 12 percent or nearly $2 billion.

“ACE’s global reach, product breadth and underwriting insight are competitive advantages that enable us to take advantage of profitable opportunities around the world while we shrink those areas where prices and terms do not meet our standards.”