ACE Ltd. up 13.5 Percent in First Quarter

ACE Ltd. says first quarter 2000 was a winner, beating projected expectations with operating profits rising 13.5 percent. First quarter operating profits rose from $111.8 million last year to $127 million.

Net profit, including $47.5 million in realized investment gain, rose to $174.5 million from $129 in first quarter 1999.

Net premiums rose from $340.7 million to $1.5 billion. Much of this increase in premium can be attributed to ACE’s $1.2 billion purchase of Cigna Corp.’s property and casualty unit.