Swiss reinsurer Converium has generated a $56.2m (£34m) surge in profits during the second quarter.
The reinsurer said growth in specialty lines and standard property and casualty (P&C) helped boost its net profit to $59.1m (£36m), up $2.9m (£1.8m) from the second quarter in 2002.
As a result net profit in the first half of 2003 was $84.6m (£52m), it said.
The group's non-life combined ratio improved to 99.1% in the first quarter from 99.9% in the corresponding quarter in 2002.
Chief executive Dirk Lohmann said that although Converium has been taking on more longer-tail business, it is "currently reviewing strategies" ahead of 2004 renewals.
