A.M. Best Co. commented that all of its ratings for Swiss-based reinsurer Converium AG and its main subsidiaries “remain unchanged following the announcement of the consolidated half-year 2005 results.”
Converium announced a pre-tax profit of $49.2 million in the 2nd Quarter of 2005, compared to a loss of $381.9 million in the previous period (See IJ Website Aug.9).
Best said that the company’s “loss ratio for ongoing business also improved by 8.9 percent to 73.4 percent in the 2nd Quarter of 2005.” However, the rating agency also noted that “Converium’s overall pre-tax half-year results remain unprofitable (-USD 16.4 million) as the impact of catastrophe claims, commutations and moderate additional reserve strengthening for run-off business in the first three months 2005 were not fully offset by the positive development in the 2nd Quarter of 2005.”
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