Converium restates accounts
Converium has announced the results of its restatement of accounts following an external review into its practices. It also announced that for the third quarter of 2005, the company reported a net loss of $6.9m and for the nine months ended September 30, 2005, Converium reported net income of $34.5m.
On November 4, 2005, Converium announced its plan to restate prior period financial statements. This decision was taken in light of findings of an extensive internal review, overseen by the Audit
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