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Insurer Ace sees "negligible" flood earnings impact

Mon Jun 23, 2008 5:06pm EDT

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NEW YORK, June 23 (Reuters) - Property-casualty insurer Ace Ltd (ACE.N) on Monday said it sees claims from the recent floods in the U.S. Midwest having "negligible" impact on its second quarter and full-year earnings.

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Ace is one of largest providers of crop insurance to farmers in the region, which has been hit by the worst flooding in 15 years, leading to concerns that producers could lose a significant portion of their crops.

Ace said it has federal reinsurance protection in place to pay part of the claims it receives, as well as reinsurance from the private market.

Insurers buy their own form of insurance, or reinsurance, to spread the risk of loss among more than one party. In the case, of multi-peril crop insurance, the government provides for some of that reinsurance.

Ace shares closed down 1.14 percent or 65 cents to $56.46 on Monday. (Reporting by Lilla Zuill; editing by Carol Bishopric)

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