Heavy retro commutation discount and other exceptionals knock Converium’s Q1 results
A heavily discounted commutation combined with a large winter storm loss helped Converium slump to a consolidated Q1 net loss of $61.8m and a pre-tax operating loss of US$47.8m. This compared to a net profit of $65.7m and a pre-tax operating income of $77.9m in the same period of 2004.
The Swiss reinsurer took a $38.7m hit on its Q1 results after the ratings downgrade of one of its retrocessionaires provoked the troubled group to commute $100.1m of long-tail liabilities for aOnly users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
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