Converium expects to report a net income of $200m (£140m) for 2002, it announced this week.
The reinsurer, formerly known as Zurich Re before being spun off by Zurich last December, has been struggling to deal with heavy losses for the last two years but says it now expects a big improvement in its underwriting record.
Chief executive Dirk Lohmann said that this year Converium should reach at least its target of a 12.5% return on equity of $1.6bn (£1.1bn).
Lohmann's confidence stems from the January renewal season in which two thirds of Converium's policies come up for renewal. 73% were renewed this season, and new business rose 21%.
