(by G. Andersen)

Reinsurer Converium (CHR) fell 29% in Swiss trade after it warned second quarter results will miss expectations due to higher U.S. casualty loss emergence, relating to underwriting years 1997 to 2001. Reserves will be bolstered by up to $400 million. It has initiated additional reviews of the U.S. casualty business in order to examine the adequacy of prior years’ provisions. Other reinsurers, such as Munich Re and Swiss Re also fell on the news.