Converium

Converium Holding AG was a company that primarily provided reinsurance products in Europe, Asia, the Middle East, and Latin America through its parent holding company and through various subsidiaries. It was founded in 1995.[1] The company strived to create a uniform operational and organizational model in its multi-national global offices.[2]

Converium Holding AG
Industryreinsurance
Founded1995
Defunct2007
Fateacquired by SCOR SE

Products

It offered a variety of life and non-life reinsurance lines including most standard liability products and some special liability products including worker's compensation. It also offered many life and health insurance lines.[1]

The company maintained an alliance with the Medical Defence Union to support their business concerns.[1]

Ratings

The company suffered a series of downgrades in 2004, despite good business performance.[3] The company lashed out at ratings agencies saying that the downgrades "harmed our franchise".[4]

In 2007 the company was purchased by Scor, after becoming the target of a hostile takeover in February. Martin Ebner, together with the Zürcher Kantonalbank, helped the French reinsurer Scor to build up a position of almost 33 percent with a controversial option deal and contributed to Converium's management collapsing in its defensive struggle.[5][6]

References
  1. Yahoo Financials - Converium Holding AG Profile
  2. Julie Gallagher (2003), "Bridging IT Globally" Archived 2006-10-24 at the Wayback Machine, Insurance & Technology
  3. Charles E. Boyle (2004), "European Insurance Summit 2004 Offers Some Words to Live By", Insurance Journal
  4. Cyril Yuohy (2004), "Summit spat: Converium fires back at agencies", Risk & Insurance
  5. Ebner trieb Converium in die Hände von Scor, NZZ Online, 18 July 2007, retrieved 11 July 2011.
  6. Turbulente Übernahme: Converium wird französisch, 10vor10, 10 May 2007, retrieved 11 July 2011.


This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.