Converium Holding Ltd. today reported a catastrophe-driven third-quarter loss of $6.9 million and released revised financial results for prior periods, admitting to inappropriately accounting for some reinsurance deals, which included unwritten agreements.
The Zug, Switzerland-based reinsurer, which last week named Inga Kristine Beale to replace Terry Clarke as chief executive officer effective next year, said last month the restatement was coming following an extensive internal review after subpoenas and regulatory probes concerning non-traditional insurance and reinsurance products.
Converium's restatement changes its second-quarter 2005 report to reflect an increase in shareholders equity of $69.3 million to $1.72 billion and a $14.6 million increase for the final quarter of 2004 to $1.73 billion.
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