Converium Holding Ltd, Zug Announcement.Business Editors
ZUG, Switzerland--(BUSINESS WIRE)--June 4, 2003
The United Kingdom Financial Services Authority The Financial Services Authority ("FSA") is an independent non-departmental public body and quasi-judicial body that regulates the financial services industry in the United Kingdom. Its main office is based in Canary Wharf, London, with another office in Edinburgh. ("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 Wholly Owned Subsidiary
A subsidiary whose parent company owns 100% of its common stock.
In other words, the parent company owns the company outright and there are no minority owners. of Converium Holding (UK) Ltd, which in turn is a 100% subsidiary of Converium AG, Zurich (NYSE NYSE
See: New York Stock Exchange :CHR CHR
canine hypoxic rhabdomyolysis. ) (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 SWX Swiss Exchange
An all-electronic securities exchange formed from the 1995 merger of exchanges in Geneva, Basel, and Zurich. The exchange offers trading in equity securities, investment funds, exchange-traded funds, bonds, Eurobonds, and options. and the New York Stock Exchange New York Stock Exchange (NYSE)
World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. 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.