During the January 2006 renewals Converium said it wrote andbound an estimated non-life premium volume of about $1.13billion–representing a decline of less than 3 percent (at constantforeign exchange rates).
The Zug, Switzerland-based Converium said it is satisfied withthe renewals. The company said in a statement that its franchisehas remained “resilient and robust, despite the challengespresented by its current financial strength ratings.”
In addition, Converium observed an increasing trend of clientsretaining more risk and shifting to nonproportional covers. Thisresulted in lower overall reinsurance market volume. An additional$410 million of non-life premium volume will be up for renewallater in 2006, according to the reinsurer. This includes life &health business. The company expects total gross premiums writtenfor 2006 of $1.8-to-$1.9 billion.
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