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News - Converium results show improvement.
(From Reinsurance)
Converium made a loss before taxes of $16.4m for the first half of 2005, a dramatic improvement on the previous year, when it registered a loss before taxes of $295m. Net income for the first six months of the year came to $9m, again up substantially on the net loss of $594.3m over the same period of 2004.
For the second quarter of 2005, Converium reported an income before taxes of $49.2m, a pre-tax operating income of $60.7m and a net income of $70.8m.
All business segments contributed to the quarter's positive result.
2004 was a bad year for the company, when it was forced to strengthen its reserves substantially and place Converium Re (North America) into runoff due to substantial losses from ...
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