ZURICH (Bloomberg) ? Converium, the Swiss reinsurer spun off five years ago from Zurich Financial Services AG, may have its credit rating raised by Standard & Poor?s after the company focused on its more profitable business.

The outlook on Converium?s BBB+ rating was raised to ?positive? from ?stable? by S&P credit analyst Marcus Rivaldi, the rating company said yesterday.

?The outlook revision reflects the satisfactory resolution of group leadership issues, much greater certainty with regard to Converium?s aggregate loss reserve adequacy, and the potential that exists for further material operating performance progress after 2006 on the successful execution of the proposed group strategy,? Rivaldi said.

Led by Inga Beale, the company?s third chief executive officer since the start of 2005, Converium plans to raise profit by exiting low-margin businesses to boost earnings. The Zug- based company in May reported a better-than-expected profit in the first quarter on fewer catastrophe claims.

Standard & Poor?s cut Converium?s financial strength rating in September, 2004 after a record loss.