Fitch Ratings has announced that its insurer financial strength rating for Converium...

Fitch Ratings has announced that its insurer financial strength rating for Converium AG will remain as BBB-, following delays in the publication of the reinsurer's third quarter results.

Converium was placed on rating watch negative following its announcement that publication of its third quarter results would be delayed pending the restatement of its financial accounts.

Fitch was concerned that the restatement of Converium's accounts could potentially result in deterioration in the group's overall financial profile and damage its franchise in advance of the forthcoming renewal season.

The group reported a net profit of $34.5m and a combined ratio of 106.5% for ongoing operations for the nine-month period to September 2005.

Net losses from hurricanes Katrina, Rita, Dennis and Emily and the European floods totalled $74.2m, and losses from Hurricane Wilma, which occurred in the fourth quarter of 2005, currently range from $25m to $35m.

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