Interview: Dirk Lohmann, chief executive, Converium

Dirk Lohmann, chief executive of Swiss reinsurer Converium (formerly Zurich Re), spoke to WIR about the company’s third quarter results. Last week, Converium surprised the market by announcing that it posted $56.9mn to reserves as a result of adverse loss development on past business written by the company’s North American and Cologne units. Converium also warned that it will have to strengthen reserves by an additional $75mn in the fourth quarter of 2002. The $60mn reserve charge caused the company to post a $5.6mn net loss for the third quarter. The market had expected a profit in the region of $25mn to $35mn.