Swiss reinsurance group Converium today posted disastrous results for the year ending 31 December 2004, reflecting the impact of hurricanes, typhoons and tsunami in previous years.
The troubled reinsurer declared full year net losses of $760.8m (£396.5m.) The company posted net profits of £185.1m the previous year.
Gross premiums for 2004 were $3.84bn ($2.0bn) compared to $4.22bn (£2.20bn) in 2003, a fall of 9.1%.
The impact of restocking reserves depleted through previous years hurricanes, typhoons and tsunami caused a loss of $735.8m (£383.3m), according to Converium.
Non-life combined ratio was reported as 118.2% for 2004, 20.3 points up on 2003's reported ratio of 97.9%.
Non-life combined ratio, excluding repayment of reserves from the previous year's hurricanes, typhoons and tsunami, was reported as 96.1%.
The fourth quarter saw net losses of $50.2m (£26.1m), compared to a $56.2m (£29.3m) profit in the last three months of 2003.
Converium said it was determined to retain its independent status going forward, and was encouraged by the resilience of the group's arms in Europe, Asia and Latin America.
Insurance Times reported that Converium replaced chief executive Dirk Lohman with Terry Clarke last week.
