A.M. Best Comments on Converium's Half-Year 2005 Results.OLDWICK, N.J. -- A.M. Best Co. has commented that all ratings of Converium AG (Switzerland Switzerland (swĭt`sərlənd), Fr. Suisse, Ger. Schweiz, Ital. Svizzera, officially Swiss Confederation, federal republic (2005 est. pop. 7,489,000), 15,941 sq mi (41,287 sq km), central Europe. ) and its main subsidiaries remain unchanged following the announcement of the consolidated half-year 2005 results. Converium achieved a pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta profit of USD USD In currencies, this is the abbreviation for the U.S. Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 49.2 million in the 2nd Quarter of 2005, compared to a loss of USD 381.9 million in the previous period. The loss ratio for ongoing business also improved by 8.9% to 73.4% in the 2nd Quarter of 2005. However, Converium's overall pre-tax half-year results remain unprofitable (-USD 16.4 million) as the impact of catastrophe Catastrophe, from the Greek Καταστροφή (katastrephein), literally means "to turn" (strephein) "downwards" (kata-). claims, commutations and moderate additional reserve strengthening for run-off business in the first three months 2005 were not fully offset by the positive development in the 2nd Quarter of 2005. For Best's Ratings Best's rating A rating A.M. Best Co. assigns to insurance companies based on the company's ability to meet its obligations to its policyholders. , an overview of the rating process and rating methodologies, please visit http://www.ambest.com/ratings. A.M. Best Co., established in 1899, is the world's oldest and most authoritative insurance rating and information source. For more information, visit A.M. Best's Web site at http://www.ambest.com. |
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