NEW YORK (Bloomberg) — Ace Ltd., the insurer that moved its holding company headquarters to Zurich from the Cayman Islands, said third-quarter earnings fell and the value of investments declined by $1.5 billion.

Operating income, which excludes losses on holdings, was $1.44 to $1.48 a share, the insurer said yesterday in a statement. Ace earned $2.06 a share on the same basis in the year-earlier period. Hurricane Ike, the costliest to hit the US since 2005, contributed to about $315 million in catastrophe-related losses, the insurer said on October 3.

Insurance companies are releasing earnings early as the industry's stocks drop on concern that investment losses will erode capital. MetLife Inc., the biggest US life insurer, and Hartford Financial Services Group Inc. announced plans this week to sell shares as they reported profit slides.

"Our capital position remains firmly in the range of the capital required by all principal rating agencies," Ace said. Chief executive officer Evan Greenberg said in the statement the company released results early due to "extraordinary market conditions and questions of investor confidence in financial institutions generally".

Ace rose $2.50, or 6.5 percent, to $40.75 in New York Stock Exchange composite trading yesterday. The company has lost about a third of its market value this year. Ace plans to release more detailed results on October 28.

Book value, or assets minus liabilities, declined 7.5 percent this year as of the end of September on a per share basis, the company said. The $1.5 billion in investment declines includes net realised and unrealised losses.