Converium renewed contracts up 35 pct yr-on-yr to 142 mln usd as of April 1 |
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Tue, 17 Apr 2007 06:45
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ZURICH (Thomson Financial) - Converium Holdings said the renewal of open-market non-life contracts rose 35 pct year-on-year to 142 mln usd as of April 1, reflecting the group's success in regaining business and establishing new client relationships following the recent ratings upgrade by Standard & Poors to 'A-'.New and restructured business amounts to 52 mln usd, while increases due to share or price increases resulted in a growth of 8 mln usd.Business of 23 mln usd was not renewed as it did not meet Converium's profitability standards, the Swiss reinsurer said.Compared with last year the profitability of the renewed business has slightly improved even though overall market conditions have continued to soften, Converium said.johanna.treeck@thomson.comjmt/jfrCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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