Converium Holding Ltd. today reported a catastrophe-driven third-quarter loss of $6.9 million and released revised financial results for prior periods, admitting to inappropriately accounting for some reinsurance deals, which included unwritten agreements.
The Zug, Switzerland-based reinsurer, which last week named Inga Kristine Beale to replace Terry Clarke as chief executive officer effective next year, said last month the restatement was coming following an extensive internal review after subpoenas and regulatory probes concerning non-traditional insurance and reinsurance products.
Converium's restatement changes its second-quarter 2005 report to reflect an increase in shareholders equity of $69.3 million to $1.72 billion and a $14.6 million increase for the final quarter of 2004 to $1.73 billion.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
- Educational webcasts, resources from industry leaders, and informative newsletters.
- Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
