The cyclonic season affects the results of Converium

Despite the 164.8 million USD bill linked to the 2005 cyclonic season and a combined ration at 107.2%, the reinsurer has reported 68.7 million USD in net profits in 2005. The 2004 downgrading of its rating has obliged the company to drastically cut down its business volume whose premium amounts fell from 3.9 billion USD in 2004 to 1.9 billion USD in 2005. Nevertheless, Inge Beale, the new General Manager, remains confident about the stabilisation and progress of the company as she forecasts a turnover of 1.8 billion USD for the year 2006.

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