CONVERIUM READY TO DEVELOP LIFE PORTFOLIO

Swiss reinsurer Converium has indicated that it may pursue acquisitions in a bid to develop its portfolio of life business. The company — the former Zurich Re subsidiary of the Zurich Financial Services group — said that it planned to expand life reassurance business to 20% of its overall book, from the current level of 6%. It noted that it could issue shares and had the scope to take on extra debt in order to pursue larger acquisitions. The reinsurer’s comments follow its announcement of a larger-than-expected net loss on 2001 business. The $367.4m deficit compared with a pro-forma loss of $29.3m the previous year — and with analysts’ predictions that had averaged about $323m.