Converium Holding Ltd, Zug Announcement.
ZUG, Switzerland--(BUSINESS WIRE)--June 4, 2003
The United Kingdom Financial Services Authority ("FSA") grants Converium Insurance (UK) Ltd permission to conduct the business of insurance in the class of general liability business in the United Kingdom.
Converium Insurance (UK) Ltd is a wholly owned subsidiary of Converium Holding (UK) Ltd, which in turn is a 100% subsidiary of Converium AG, Zurich (NYSE:CHR) (SWX:CHR). The company has been established for the purpose of supporting and strengthening Converium Group's joint ventures and strategic business relationships, and will not operate as a general insurer.
Converium Insurance (UK) Ltd has had its application approved at an initial capitalization level of GBP 50 million.
Dirk Lohmann, Group CEO Converium, said:
"Our core business is and remains reinsurance. Converium Insurance (UK) Ltd will allow us greater control over our destiny in conjunction with our existing joint ventures and strategic business relationships (e.g. The Medical Defence Union Ltd, London) where Converium requires direct insurance issuing capability."
Converium is an independent top-ten reinsurance group. Converium Holding Ltd was listed on the SWX Swiss Exchange and the New York Stock Exchange on December 11, 2001. Converium's 100% flotation was earmarked as the largest reinsurance IPO ever worldwide and the largest corporate IPO in Switzerland since 1998.
Today the Group ranks among the top ten professional reinsurers and employs more than 800 people in 22 offices around the globe. Converium has an "A" rating (stable outlook) both from Standard & Poor's and A.M. Best Company.
Converium is organized around four business segments consisting of three non-life operations, Converium Zurich, Converium North America and Converium Cologne, as well as Converium Life.
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|Date:||Jun 4, 2003|
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