Converium

The Converium Holding AG, headquartered in Zurich was one of the ten largest reinsurance companies in the world. She was a public limited company under Swiss law. Its shares were listed on the SIX Swiss Exchange and on the New York Stock Exchange (NYSE). The company sales reinsurance in Europe, North America, Asia, Middle East, Latin America and had offices on five continents.

History

From 1997 the Group were combined various reinsurance activities such as active and passive reinsurance in Zurich, Zurich Reinsurance Centre in New York and the Agrippina back in Cologne under the name Zurich Re in Zurich Financial Services ( ZFS).

On 1 October 2001, Converium was established by conversion support of the previously drawn under Zurich Re business and an initial capitalization of $ 1.6 billion. The IPO took place on 11 December 2001. It was the largest IPO in the history of reinsurance.

In July 2004, Converium had to make a profit warning, because the development of damage in the years 1997 to 2001 in the U.S. liability business - still under the umbrella of Zurich Financial Services ( ZFS) - were set too low and therefore the reserves by 400 million. dollars would have to be increased. Then the stock price collapsed in one day than 50 percent, and within twelve months by 70 percent. In September 2004, Standard & Poor's downgraded the credit rating back from A-to BBB.

Despite a series of natural disasters managed by reinsurers in 2005 again to return to profitability.

2006, the U.S. shares were sold to the Berkshire Hathaway group belonging to the National Indemnity Company. In March 2007, Converium received his A rating back.

In February 2007, Converium target of a hostile takeover. Martin Ebner helped along with the Zurich Cantonal the French Scor reinsured with a controversial option business gain exposure by almost 33 percent and contributed to that Converium management broke into his defensive struggle.