AM Best has commented that all ratings of Converium AG (Switzerland) and its main subsidiaries remain unchanged following the announcement of the consolidated half-year 2005 results.
Converium achieved a pre-tax profit of $49.2m in the 2nd Quarter of 2005, compared to a loss of $381.9m in the previous period. The loss ratio for ongoing business also improved by 8.9% to 73.4% in the 2nd Quarter of 2005.
However, Converium's overall pre-tax half-year results remain unprofitable ($16.4m) as the impact of catastrophe claims, commutations and moderate additional reserve strengthening for run-off business in the first three months of 2005 were not fully offset by the positive development in the 2nd Quarter of 2005
