Converium captures the spotlight

For Converium, the most notable event to report from 2006 was the sale of the US run-off business to Berkshire Hathaway at a loss of $190mn but, as Converium was keen to point out, its liabilities had declined by more than $1bn as a result while its shareholders’ equity had increased by nearly $200mn

Notwithstanding the fact that the two European super-heavyweights issued their 2006 results last week, Converium probably attracted greater interest with its results announcement which was brought forward by a month and used as a platform to launch the company’s defence against the hostile bid from French reinsurer SCOR.