Swiss reinsurer Converium generated a $56.2m (£34m) surge in profits during the second quarter of this year.

The reinsurer said growth in specialty lines and standard property and casualty helped boost its net profit to $59.1m (£36m), up $2.9m (£1.8m) against 2002 second quarter figures.

As a result, net profit in the first half of 2003 was $84.6m (£52m), it said.

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.