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.