Swiss reinsurance company Converium Holding Ltd announced Friday that it will delay announcing its third-quarter results until mid-December while the company finalizes an internal review of some of its business.
"As widely reported, investigations of the insurance and reinsurance industry and non-traditional insurance and reinsurance products are being conducted by regulators and governmental authorities in both the United States and Europe," the company said in a statement. "Against this backdrop, Converium has launched an extensive internal review of certain reinsurance transactions and engaged outside counsel to assist the company."
The primary goal of the review, the company said, is to correct the accounting treatment of some of its transactions, mainly ceded reinsurance. Converium added that it has made "substantial progress" in the review, and that the results of the review should not affect shareholder equity.
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