Converium today reported a net loss in the first quarter of $61.8m (£32.2m), compared to...

Converium today reported a net loss in the first quarter of $61.8m (£32.2m), compared to a net profit of $65.7m (£34.2m) in the same period last year.

The Swiss reinsurer blamed ‘a heavily discounted commutation' and large winter storm losses for the poor result.

The non-life combined ratio for Converium's ongoing operations was reported as 115.7% in the first quarter of 2005, compared to 93.0% in the same period of 2004.

The group's gross written premiums were $717.5m (£373.7m), 48.1% down from Q1 of 2004.

Topics