Converium Holding Ltd Reports Results.

    Business Editors

      ZUG, Switzerland--(BUSINESS WIRE)--March 18, 2002--Converium, one
of the world's leading reinsurers, today reports on its successful
2002 renewal and its results for 2001. Converium listed on the SWX
Swiss Exchange (SWX: CHRN) and New York Stock Exchange (NYSE: CHR) in
December 2001.

    Successful 2002 renewals

      Clients and brokers welcomed our independence. We renewed 73% of
our premium volume that was renewable at January 1, 2002 and
experienced combined increases in rates and shares of around 25%. Our
increased performance targets were met. Our strict financial
discipline required us to cancel 27% of our renewable premium volume
because the underlying business did not meet our increased performance
standards. The non-renewed premium volume was mostly offset by new
business. The aggregate impact of improved rates, increased shares and
new business, offset by cancellations, resulted in premium growth of
19% on renewable premiums.
      The impact of the new capacity in Bermuda was limited as insurers
tended to seek capacity from their existing relationships.
      Terrorism was widely excluded across lines of business and
geography; where blanket exclusions were not implemented, sub-limits
for limited coverage were introduced.

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2001 Result

                                    2001             2001      2000
                                    US$m             US$m      USUS$m

Gross premiums written                             2,881.2     2,565.8
Net premiums written                               2,482.6     1,996.0
Net premiums earned                                2,295.2     1,861.5

Income before September 11,
 Enron, impairment losses on
 equity portfolio, reserve
 strengthening, restructuring
 costs, and taxes                                    103.5        16.6
  September 11: imputed premiums
   for capped liability           (28.5)
  September 11: incurred losses,
   net                           (289.2)
  Enron: incurred losses, net     (67.0)
  Impairment losses on equity
   portfolio                      (82.5)
  Loss reserves: reserve
   strengthening to get to
   Tillinghast's best estimates
   (1st half 2001)               (112.0)
  Loss reserves: reserve
   strengthening
   (2nd half 2001)               (11.6)
  Loss reserves:  reserve
   strengthening (2000)                                         (65.4)
  Restructuring costs            (50.0)
                               --------
                                                 (640.8)
                                               ------------   --------
Loss before taxes                                (537.3)        (48.8)

Net loss                                         (367.4)        (29.3)

Loss per share (US$)                             ($9.18)       ($0.73)

Actual non-life combined ratio                    128.9         116.9

Adjusted non-life loss ratio                      76.6%         82.9%
Adjusted non-life underwriting expense ratio      22.9%         23.9%
Adjusted non-life administration expense
 ratio                                             6.0%          6.4%
Adjusted non-life combined ratio                 105.4%        113.2%

Embedded Value (Converium Life)                   36.6          29.9

Total assets                                   9,706.5       8,321.3
Equity                                         1,570.8       1,088.4

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Highlights

      -   Converium is an independent top-ten reinsurance group - which
        listed on the SWX Swiss Exchange and the New York Stock
        Exchange in December 2001

      -   Net premiums written increased by 24% to US$2,483m (2000:
        US$1,996m)

      -   Strong improvement in underlying performance: adjusted
        non-life combined ratio decreased by 7.8 pts to 105.4% (2000:
        113.2%)

      -   Re-underwriting resulted in significantly improved quality of
        business portfolio

      -   Strong balance sheet to harvest in a hardening market

         - Strong capitalization (equity: US$1.6 billion)
         - September 11: net loss capped at US$289.2m
         - Asbestos & Environmental:  marginal  exposure
           (less than 1% of loss reserves,  gross),  reserve-levels
           substantially strengthened to a survival ratio of 13.8
           years (2000: 13.1 years)
         - Solid reserve-levels maintained
         - Enron-exposure: full limits booked as incurred loss
           (Surety: US$56.0m; E&O:US$8.5m; D&O:US$2.4m; Credit:
           US$0.5m)
         - Low exposure to D&O policies

      -   Successful 2002 renewal season in a hardening market

      -   As stated in the IPO-prospectus, Converium's Board of
        Directors will propose at the annual general meeting not
        to pay out a dividend for 2001.

    Dirk Lohmann, CEO Converium said:

      "Converium entered 2002 as an established and integrated leading
global reinsurer with a strong client focus and determination to
deliver shareholder value. We were well received as an independent
company during the recent January 1, 2002 renewal season by both
clients and brokers. Terms and conditions have improved substantially
on a global scale and we have further enhanced the quality of our
portfolio. 2001 was a year of transition for Converium, as we carved
out three distinct businesses from our former parent company, Zurich
Financial Services, and spun off Converium through an Initial Public
Offering on December 11, 2001."

    Martin Kauer, CFO Converium said:

      "Converium has a very solid balance sheet and is strongly
capitalized at $ 1.6 billion to benefit in the hardening markets. Our
financial strength enables us to retain more business in 2002. We
substantially improved our underlying adjusted non-life combined ratio
in 2001 by 7.8 points to 105.4%. Due to our strict financial
discipline in underwriting, we expect sharp improvements in margins
for 2002. Our objective for 2002 is to generate a non-life combined
ratio of close to 100% and to target an ROE of more than 12.5%."

    IPO, ranking and organization

      The IPO of Converium took place on December 11, 2001 and involved
the placing of 35 million registered shares priced at CHF 82 per share
or US$ 24.59 per American Depositary Share (ADS) with investors
worldwide.
      By January 9, 2002, 40 million shares were sold to the public by a
syndicate of banks and Converium's 100% flotation was earmarked as the
largest reinsurance IPO ever worldwide and the largest corporate IPO
in Switzerland since 1998. The shares were allocated across the globe,
32% to institutional investors in the US, 24% to institutionals in the
UK, 15% to institutionals in Switzerland, and 19% to institutional
investors in the rest of the world. The remaining 10% was allocated to
retail shareholders in Europe and the US.
      Today the company ranks 8 among the top ten professional
reinsurers and employs close to 750 people in 24 offices around the
globe. Converium has a strong balance sheet with an "A+" (strong) from
Standard & Poor's and "A" (excellent) by AM Best Company. Converium's
September 11 net-losses are capped at US$289m by its former parent,
Zurich Financial Services. Converium has low exposures to D&O
policies, minimal A&E exposures, all of which are strongly reserved.
      Converium is organized around four business segments consisting of
our three non-life operations, Converium Zurich, Converium North
America and Converium Cologne, as well as Converium Life.

    Important Disclaimer

      This document contains forward-looking statements as defined in
the U.S. Private Securities Litigation Reform Act of 1995. It contains
forward-looking statements and information relating to the Company's
financial condition, results of operations, business, strategy and
plans, based on currently available information. These statements are
often, but not always, made through the use of words or phrases such
as 'expects', 'should continue', 'believes', 'anticipates',
'estimates' and 'intends'. The specific forward-looking statements
cover, among other matters, the improving reinsurance market, the
expected losses related to the September 11 attack on the United
States, the outcome of insurance regulatory reviews, the Company's
operating results, the rating environment and the prospect for
improving results. Such statements are inherently subject to certain
risks and uncertainties. Actual future results and trends could differ
materially from those set forth in such statements due to various
factors. Such factors include general economic conditions, including
in particular economic conditions; the frequency, severity and
development of insured loss events arising out of catastrophes; as
well as man made disasters such as the September 11 attack on the
United States; the ability to exclude and to reinsure the risk of loss
from terrorism; fluctuations in interest rates; returns on and
fluctuations in the value of fixed income investments, equity
investments and properties; fluctuations in foreign currency exchange
rates; rating agency actions; changes in laws and regulations and
general competitive factors, and other risks and uncertainties,
including those detailed in the Company's filings with the U.S.
Securities and Exchange Commission and the Swiss Exchange. The Company
does not assume any obligation to update any forward- looking
statements, whether as a result of new information, future events or
otherwise.

www.converium.com


    2001 Review of Operations

    Converium Zurich

      Converium Zurich is the largest of the Group's four business
segments, with a territorial reach stretching from Japan to Brazil.
Zurich has specific responsibility for all non-life reinsurance
written in southern and western Europe, Asia Pacific, Latin America,
and central and southern Africa. Underwriting is supported by eight
regional offices/branches, which together with Zurich are involved in
the generation of about 48% of Converium's premium income.
      Zurich houses a concentration of expertise and specialized skills
which are at the disposal of the entire Group, including Centers of
Excellence for aviation and space, marine, credit and surety, and
engineering. It is also home to professional teams focused on global
accounts underwriting, natural hazards, professional risks, London
Market North American business, and risk and financial modeling.
      Converium Zurich wrote total net premiums of US$ 1,185 million in
2001, split almost equally between the direct and broker production
channels. Roughly 70% was proportional reinsurance.
      Liability and property treaties dominate Converium Zurich's
underwriting, making up more than half of our book. Motor treaties and
specialty lines are also important, the latter growing and proving
particularly promising as our underwriters continue their emphasis on
high-margin business where expertise and a technical approach set us
apart from our competitors.
      Our focus on maximum exploitation of specialized skills was a key
driver of Converium Zurich's 2001 re-underwriting effort, which
resulted in a substantial overhaul of the portfolio. We chose not to
renew more than one in three treaties, as we redeployed capacity away
from under-performing businesses towards lines where our expertise
commands a higher price for it. This positive repositioning meant that
for every two dollars of non-renewed premium income we were able to
write three dollars worth of new business.
      Our per risk and facultative business was the subject of special
scrutiny, since it had not met our stringent profitability hurdles for
several years. A major organizational change arose from this
attention: Converium underwriters no longer consider facultative
submissions in isolation. Instead, Client Relationship Managers now
evaluate each client's treaty and facultative business on a combined
basis, ensuring each relationship is profitable overall.

    Converium North America

      Converium North America is the business segment responsible for
all property liability as well as accident and health reinsurance
business written in the United States and Canada. It is also the
Group's global Center of Excellence for agribusiness. We are one of
the largest broker-market reinsurers in the US, leading all lines of
business on a broker basis for treaty reinsurance, and on a direct
basis for individual risks.
      36% of Converium Group's business was underwritten by the North
American operation in 2001, yielding net premiums written of US$898
million. The portfolio is well diversified both by line of business
and contract type, the result of a concerted effort to shift away from
the liability-dominated book of predecessor Zurich Reinsurance (North
America), Inc. Our efforts to diversify our underwriting portfolio
will continue as we build a balanced, multi-faceted service platform
focused on skilled underwriting, broad expertise and innovative
solutions to clients' varied challenges.
      Converium's diversity reflects the Group's resolve: 2001 was a
year of re-underwriting and repositioning. Converium North America
cancelled or did not renew a significant part of its portfolio because
the underlying business did not meet our performance hurdles.
Nonetheless, working with our brokers, we were able to develop a
significant portfolio to replace the business that was not renewed.
      Converium North America's liability reinsurance portfolio was
transformed in 2001. Re-underwriting action was taken to reduce the
amount of business where price is the chief driver of purchasing
decisions, and towards increased profitability. A significant
proportion of the liability treaties that we did not renew were
umbrella or high excess severity business. However, casualty continues
to be Converium North America's largest line, contributing 24 % of
2001 net premium income. Converium North America remains one of the
most important liability reinsurers in the US.
      Professional liability lines are underwritten through close
coordination and cooperation between underwriters in Zurich and New
York. Underwriting is coordinated on a global basis. We continue to be
viewed as a leading market reinsurer in this important segment of our
business.
      Catastrophe excess of loss treaties dominate Converium North
America's property reinsurance portfolio, although we also write risk
excess and proportional programs. In all, property accounts for about
16% of the North American book.
      Our gross loss in North America from the World Trade Center is US$
155 million, of which US $70 million is in property lines and US$ 85
million is in liability and workers compensation lines. Relative to
our market share, our North American property loss is favorable in
comparison to our major competitors. We were not underwriters of
property facultative risks in North America, and we wrote very little
property risk excess business during the soft market.
      The market's potential exposure to toxic mold is a significant
risk to the industry. Our approach has been to study and evaluate the
exposure with the utmost underwriting discipline and to price for it.
      Workers' compensation is an important US business segment for
Converium, contributing 22% to North American net premium income. Our
focus is on regional and single-state clients, rather than large
national accounts, since the latter are more difficult to assess with
precision and therefore to price satisfactorily. It is a changing
market, however, especially following September 11. The loss pointed
out with absolute starkness the aggregation risk inherent in workers'
compensation, a risk that previously had been almost completely
ignored.
      Regional facultative programs and specialty lines predominate the
motor book. The US motor market, particularly commercial trucking, has
been under priced for a very long time, but the tide is turning.
      The year in review is notable for a concerted move into targeted
specialty lines, where knowledge, experience and innovation are
paramount. For example, the accident and health account continues its
solid growth. Converium North America entered the line after assuming
responsibility for this class of business in the US from Converium's
Cologne office in 2000. A strong team of local underwriters was hired,
whose focus is primarily on less volatile employers' stop-loss
reinsurance.
      As home to the Group Center of Excellence for agribusiness,
Converium North America recruited a team of specialists in 2000. The
business, while still small in relation to our total portfolio,
recorded US$ 32 million of net premiums in 2001 and was profitable in
its first full year of operation, an excellent achievement. We
anticipate additional growth in the US market and plan to deploy
Converium's agribusiness expertise in other markets around the globe.
      Our New York-based credit and surety underwriter, working in close
collaboration with the Zurich Center of Excellence for credit and
surety, has been developing and expanding the portfolio of US
accounts.
      Our Risk Strategies underwriting division represents our
non-traditional team and is staffed with highly specialized
professionals with experience in underwriting, actuarial, accounting,
tax and legal. In 2001, it represents approximately one third of the
net premiums of Converium North America.
      Against this backdrop of re-underwriting, diversification and new
success for Converium North America, the US reinsurance market in
general has also been undergoing a transition. The turn began to take
hold during mid-year renewals. Liability prices began to rise,
particularly in the specialty lines where Converium's focus is
concentrated. Catastrophe business had been more attractive
throughout, but it, too, was expected to improve. The aftermath of the
enormous losses incurred at the World Trade Center on September 11
brought about a dramatic acceleration in the rise of reinsurance
prices.

    Converium Cologne

      Converium Cologne, accounting for 10% of net premiums written in
2001, is the Group business segment with responsibility for all
property liability reinsurance lines, marine, as well as accident and
health in Germany, northern Europe, central and eastern Europe, the
Middle East, and north Africa. Converium Cologne is home to the
Group's Center of Excellence for health reinsurance, covering all
worldwide markets except the US.
      Our constant concentration on the deployment of technical skill
and innovation has driven our expansion in liability lines, increased
our facultative acceptances in emerging markets, and encouraged the
addition of advanced structured and finite reinsurance solutions to
our product mix. The result is both a broader customer base and better
positioning of Converium Cologne in key markets.
      Re-underwriting was a major focus in 2001. Our underwriters
analyzed the return on allocated equity for every client and every
contract on the books, and as a result chose not to renew more than
27% of treaties, worth net written premiums of about US $40 million.
At the same time our underwriters watched for new opportunities that
would benefit from their considerable capabilities in targeted areas.
Over the course of the year they were able to replace the lost income
with new business worth US $34 million, bringing total net property
liability and marine premiums written to US $222 million in 2001. In
addition, worldwide accident and health business written through
Converium Cologne brought in net written premiums of US $36 million.

    Converium Life

      Converium Life, accounting for 6% of net premiums written in 2001,
is the Group business segment responsible for all of Converium's life
reinsurance business. Our team of life specialists in Cologne serves
clients worldwide, primarily on a direct basis. In 2001 the life
portfolio was divided between six markets: Italy, Germany, France,
other European markets, the US (where retrocession is our major life
product), and the rest of the world. Among secondary markets we have a
notable presence in the Middle East and Argentina.
      The transformation of Converium into a significant global player
in life reinsurance is one of the Group's key strategic goals. An
approach was framed late in 1999, launched in 2000, and by 2001 was
well underway. The business is still small relative to our total
turnover, yielding net written premiums of US$ 141 million in 2001, or
about 6%. But our accomplishments in life business are significant,
especially considering they are the result of just two years of
organic growth.
      The global outlook for life insurance is highly promising. Premium
spending worldwide already outpaces non-life spending by a ratio of
1.5 to 1, and is growing nearly five times faster. The opportunities
are multiplying as nations around the world invite private sector
insurers to finance and operate new, sustainable pension and savings
systems.
      As a result of this runaway growth, we anticipate a continued
increase in international demand for life reinsurance expertise and
capacity. Life insurers in some countries are becoming both
increasingly risk averse, and more sophisticated in terms of their
balance sheet management. Converium Life has solutions to deal with
both issues - solutions that, for Converium, are both a source of
reliable profits, and an opportunity for diversity and stability.
      Converium Life established two international offices in 2000, a
representative office in Milan and a branch office Paris, and added
life personnel to the non-life representative office of Converium in
Buenos Aires, to support regional opportunities and the fulfillment of
our life reinsurance strategy.
      Our substantial investment in Converium Life - including 40 staff
hired since 2000 and the establishment of three international offices
- is an important step in the growth of our strategic position as a
major international life reinsurer. With controlled expansion into the
UK, Spain, and selected Asian countries, we plan an agile entry into
the world's most attractive life reinsurance markets, maximizing the
return on our specialist knowledge of local cedants' unique demands,
and our exploitation of innovative financial opportunities.

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Converium Group
Consolidated and historical combined statements of income

(US$ million, except per share information)
Year ended December 31

                                            2001               2000
Revenues:
 Gross premiums written                    2,881.2           2,565.8
 Less ceded premiums written                -398.6            -569.8
 Net premiums written                      2,482.6           1,996.0
 Net change in unearned premiums            -187.4            -134.5
 Net premiums earned                       2,295.2           1,861.5
 Net investment income                       228.7             176.0
 Net realized capital (losses) gains         -18.4              83.7
 Other (loss) income                          -5.8              29.3
 Total revenues                            2,499.7           2,150.5

 Benefits, losses and expenses:
  Losses and loss adjustment expenses     -2,163.1          -1,520.0
  Life benefits and policyholder dividends  -137.4             -84.5
  Underwriting acquisition costs            -508.1            -454.4
  Other operating and administration
   expenses                                 -146.4            -116.0
  Interest expense                            24.2             -17.1
  Amortization of goodwill                    -7.8              -7.3
  Restructuring costs                        -50.0                 -
  Total benefits, losses and expenses     -3,037.0          -2,199.3
  (Loss) income before taxes                -537.3             -48.8
  Income tax benefit (expense)               169.9              19.5
  Net (loss) income                         -367.4             -29.3

  Basic (loss) earnings per share            -9.18             -0.73
  Diluted (loss) earnings per share          -9.18             -0.73

Converium Group
Consolidated and historical combined balance sheets

(US$ million, except per share information)
Year ended December 31
                                             2001               2000
Assets
 Invested assets
 Available-for-sale securities
  Fixed maturities                         2,331.4            2,236.2
  Equity securities                          701.4              611.0
  Other investments                          195.1               52.2
  Short-term investments                      89.5              115.1
  Total investments                        3,317.4            3,014.5
  Funds Withheld Asset/Zurich Financing
   Agreement                               1,598.5            1,335.2
  Total invested assets                    4,915.9            4,349.7

Other assets
 Cash and cash equivalents                   420.5              121.9
 Premiums receivable                       1,015.1              937.3
 Reinsurance assets
  Underwriting reserves                    1,668.1            1,292.9
  Insurance balances receivable, net         400.2              341.6
  Funds held by reinsureds                   523.4              681.8
  Deferred policy acquisitions costs         217.9              184.6
  Deferred income taxes                      300.4              165.2
  Other assets                               245.0              246.3
  Total assets                             9,706.5            8,321.3

Liabilities and equity
Liabilities
 Losses and loss adjustment expenses,
  gross                                    5,710.5            4,546.0
 Unearned premiums, gross                    968.7              774.4
 Future life benefits, gross                 252.0              162.0
 Other reinsurance liabilities               315.9              491.8
 Funds held under reinsurance contracts      430.8              512.4
 Deferred income taxes                       106.5              175.2
 Accrued expenses and other liabilities      154.3              140.8
 Payable to Zurich Financial Services            -              233.4
 Debt                                        197.0              196.9
 Total liabilities                         8,135.7            7,232.9

Equity
 Common stock CHF 10 nominal value,
  40,000,000 shares issued and
  outstanding                               253.0                 -
 Additional paid-in capital               1,336.5                 -
 Unearned stock compensation                -27.1                 -
 Accumulated other comprehensive
  income (loss):
   Net unrealized gains on investments,
    net of taxes                             30.3              18.8
   Cumulative translation adjustments       -21.9              40.5
 Total accumulated other comprehensive
  income                                      8.4              59.3
 Net investment by Zurich Financial Services    -           1,029.1
 Total equity                             1,570.8           1,088.4

Total liabilities and equity              9,706.5           8,321.3


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    --30--eb/ny*

    CONTACT: Converium
             Michael Schiendorfer
             Media Relations Manager
             [e-mail]
             Phone: [phone]
             Mobile:[phone]
             Fax:   [phone]
                          -or-
             Zuzana Drozd
             Head of Investor Relations
             [e-mail]
             Phone: [phone]
             Fax: [phone]

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