Martin Kauer, Converium

Looking to profit from the turmoil of cash-strapped competitors

Converium, formerly Zurich Re, has issued its first set of results as an independent entity. Although the keynote figure is a net loss of US$367.4mn for 2001 (compared with a loss of only $29.3mn the year before), the reinsurer’s management team is looking ahead in anticipation of significant improvement in performance for 2002. The losses mainly reflect Converium’s exposures to 11 September and the collapse of Enron.