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Converium reports profit, rejects SCOR bid


ZUG, Switzerland—Converium Holding Ltd. Wednesday announced net income of $57 million for 2006 and reiterated its rejection of SCOR S.A.'s unsolicited bid for the company.

The Zug, Switzerland-based reinsurer said its gross written premiums increased by 1.3% last year to $1.98 billion.

Its nonlife combined ratio improved to 96.3% in 2006 from 107.0% in 2005.

Converium brought forward the announcement of its 2006 results in order to present its strategy going forward, particularly in light of the unsolicited approach from Paris-based SCOR.

Inga Beale, chief executive officer of Converium said that the company, while not averse to consolidation per se, the board did not believe that SCOR's offer represented value for shareholders.

Ms. Beale noted that the company was in constant communication with U.S. regulators about its restatement of certain finite reinsurance transactions, and remained confident of regaining an A- financial strength rating in the near future.