AM Best said the A- (excellent) insurer financial strength rating for Converium AG was unaffected by the publication of the company's second quarter results.
It said all Converium ratings continued to be under review with negative implications while it discussed with the company's management plans for raising new capital and reducing risk.
Converium reported an operating loss of $300.4m for the second quarter of the year. The company strengthened its reserves for prior years' casualty business by $385m. This reserve action triggered impairments of deferred tax assets ($270m net) and goodwill ($94m).
But Converium said its current and more recent underwriting years continued to perform strongly.
Gross written premiums for the quarter reached $1bn, up from $948.7m in the previous year, while the combined ratio for its non-life business was 140.5%.
