Ace Group 2010 profit seen below Wall Street view

AP News
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Posted: Jan 05, 2010 11:29 AM

Ace Ltd. on Tuesday forecast Ace Group's full-year profit below Wall Street's expectations.

The property and casualty insurer anticipates earnings in a range of $6.25 to $6.75 per share for 2010.

Analysts surveyed by Thomson Reuters, whose estimates typically exclude one-time items, predict a full-year profit of $7.64 per share.

Ace said $390 million in pretax catastrophe losses is included in the profit estimate, but the guidance doesn't include any estimate for reserves set aside in prior periods to cover claims. Ace said, therefore, its outlook may not be comparable to some analyst forecasts.

Ace is a division of Ace Group based in Zurich, Switzerland.

Shares slipped 98 cents, or 2 percent, to $48.29 in morning trading.