Converium Posts Sharply Higher First-Quarter Net; Confirms Guidance

Swiss midcap reinsurer Converium Holding reported a first quarter net profit of $150.9 million, up from $61.6 million last year, boosted by a tax valuation allowance of $85 million and the realization of $30.3 million in capital gains.

These one-off items more than offset losses caused by winter storm Kyrill over $44.6 million.

Due to the winter storm, the group's non-life combined ratio deteriorated to 104.3%, compared to 96.5% last year, with Kyrill adding 11.8% to the combined ratio of the first quarter.

Nevertheless, Converium confirmed its full-year guidance for gross written premiums to reach at least 2.2 billion, with a non-life combined ratio of 98.5%. Gross written premiums in the first quarter alone reached $711.8 million, after $647 million.

Contact U.S. News


    Get the best of CNBC in your inbox

    › Learn More*

Don't Miss

U.S. Video

  • CNBC's Tyler Mathisen looks back at the week's top business and financial stories. The markets were closed for Thanksgiving, but did manage to hit new highs. Low oil prices gave consumers more money to spend for Black Friday.

  • Cyber Monday deals on Walmart's website on Dec. 2, 2013.

    CNBC's Tyler Mathisen looks ahead to what are likely to be next week's top stories. The jobs report comes out this week, as do auto sales. And the Rockefeller Center Christmas tree is lit.

  • Following last week's wild energy ride, analysts expect oil prices to continue to drop during the holiday season. CNBC's Patti Domm reports.