Converium Boosts Reserves $385 Million
NU Online News Service, July 28, 4:24 p.m. EDT?Nearly $400 million of adverse loss development in the second quarter, and over $600 million in the past four years, won't turn Swiss reinsurer Converium completely away from the U.S. reinsurance market, management said.[@@]
But the reinsurer did announce that it would reduce writings in some U.S. business areas, like umbrella and specialty business, when it confirmed Monday that it would boost reserves $384.7 million.
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