The embattled Swiss reinsurance group Converium has posted a rise in Q2 net profit to $62.5 million from $46.9 million in Q2 2005.
The company said that its combined ratio for the period was 99.8%, showing that its underwriting book is profitable. Converium is also trying to sell its troubled US business – a process which is ongoing at the moment.
Chief executive Inga Beale told AFX News: I am very pleased with another quarter of strong financial performance by Converium. The results reflect the profitable execution of our North American run-off and commutation strategy, favorable prior-year developments and a solid underlying underwriting performance.
Converium is hoping that its profitable non-life operation will help restore its credit rating to the A grading, which will in turn help to rebuild clients’ confidence.