ACE Limited, Bermuda, announced today that their North American crop insurance operations will be minimally affected by the continuing Midwest flooding, but provided no loss estimates.
The company, which fell to second place this year among insurers writing U.S. crop insurance, said flooding will have a "negligible impact on both second-quarter and full-year earnings per share results."
Brian Dowd, chief executive officer for ACE's North American Insurance operations, said in a statement, "In addition to reinsurance protection provided by the government, we are also protected by stop-loss reinsurance coverage we purchase on our portfolio from the private market."
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