A.M. Best Co. has commented that all the ratings of Swiss-based Converium AG remain unchanged following the publication of the company’s first quarter 2005 results (See IJ Web site May 9).
“The reported net loss for the quarter of $61.8 million is somewhat higher than A.M. Best anticipated as a result of a $40 million net loss relating to the commutation of retrocessional contracts,” said the announcement.
It also noted that Converium “has continued to suffer reserve deterioration for prior year losses ($10.4 million), mainly in respect of its casualty business written in the United States, but within the level anticipated by A.M. Best. The company will continue to be closely monitored.”
Was this article valuable?
Here are more articles you may enjoy.
Florida’s Unemployment Rate Is Surging Even as High-Profile Companies Move In 
‘Ghost Broker’ Who Procured 1,120 Policies Through Fraud Arrested 
Need Wind Mitigation? New Florida Insurer Wants to Help With That 
KPMG Australia Scandal Widens After it Confirms Optus Data Was Misused 
