Zurich, Switzerland - August 8, 2007
SCOR announced today that it will successfully settle the offer for
Converium. In total 92,969,353 shares were tendered. This settlement
follows SCOR's press release of last week with the announcement that
the SCOR Group owns 96.32% of Converium shares after termination of
the offer period. SCOR, as a shareholder, now formally controls the
company.
The change in ownership will be marked at Converium's Extraordinary
General Meeting (EGM) on August 30, 2007. At the EGM, Converium's
current Board of Directors will step down and be replaced by the
following members (please see www.converium.com for detailed CVs):
* Denis Kessler (55, French citizen), Chairman and Chief Executive
Officer of SCOR since
November 4, 2002.
* Jean-Luc Besson (59, French citizen), Chief Risk Officer of SCOR
since July 1, 2004.
* Victor Peignet (49, French citizen), Chief Executive Officer,
SCOR GLOBAL P&C - Worldwide since July 5, 2005.
* Gilles Meyer (49, French and Swiss citizen), Director of Business
Unit 1 of SCOR Global Life since November 23, 2006
* Georges Chodron de Courcelle (57, French citizen), Head of
Corporate Investment Banking at BNP Paribas and non-voting member
of the Board of SCOR.
* Jürg Marty (63, Swiss citizen), Managing Director for all common
activities of the Swiss Public Building Insurance Companies,
especially CEO of the Intercantonal Union of Reinsurance and CEO
of the Swiss Pool for Earthquake Cover.
* J. Friedrich Sauerländer (65, Swiss citizen), serving as Chairman
or Member of the Board of a number of companies and foundations.
The other agenda items for the EGM are the discharge of the current
Board of Directors and SCOR's proposition to change the name of the
company from Converium Holding AG to SCOR Holding (Switzerland) Ltd.
Enquiries
Beat W. Werder Marco Circelli
Head of Public Relations Head of Investor Relations
beat.werder@converium.com marco.circelli@converium.com
Phone: +41 44 639 90 22 Phone: +41 44 639 91 31
Fax: +41 44 639 70 22 Fax: +41 44 639 71 31
Dr. Kai-Uwe Schanz Inken Ehrich
Chief Communication & Corporate Investor Relations Specialist
Development Officer inken.ehrich@converium.com
kai-uwe.schanz@converium.com Phone: +41 44 639 90 94
Phone: +41 44 639 90 35 Fax: +41 44 639 70 94
Fax: +41 44 639 70 35
About Converium
Converium is an international multi-line reinsurer known for its
innovation, professionalism and service. Today Converium employs
about 500 people in 15 offices around the globe and is organized into
three business segments: Standard Property & Casualty Reinsurance,
Specialty Lines and Life & Health Reinsurance. Converium has an "A-"
("strong") financial strength rating (outlook stable) from Standard &
Poor's and a "B++" financial strength rating (outlook positive) from
A.M. Best Company.
Important Disclaimers
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 'seek to', 'expects', 'aims' 'should continue', 'believes',
'anticipates', 'estimates' and 'intends'. The specific
forward-looking statements cover, among other matters, the Company's
strategy and management objectives, our growth prospects and our
ability to ensure a smooth transition of our business with that of
SCOR. 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 whether we are able to secure an
upgrade of our financial strength ratings; our ability to refinance
our outstanding indebtedness and increase our use of hybrid capital;
uncertainties of assumptions used in our reserving process; risk
associated with implementing our business strategies and our capital
improvement measures; cyclicality of the reinsurance industry; the
occurrence of natural and man-made catastrophic events with a
frequency or severity exceeding our estimates; acts of terrorism and
acts of war; changes in economic conditions, including interest and
currency rate conditions that could affect our investment portfolio;
actions of competitors, including industry consolidation and
development of competing financial products; a decrease in the level
of demand for our reinsurance or increased competition in our
industries or markets; our ability to expand into emerging markets;
our ability to enter into strategic investment partnerships; a loss
of our key employees or executive officers without suitable
replacements being recruited within a suitable period of time; our
ability to address material weaknesses we have identified in our
internal control environment; political risks in the countries in
which we operate or in which we reinsure risks; the passage of
additional legislation or the promulgation of new regulation in a
jurisdiction in which we or our clients operate or where our
subsidiaries are organized; the effect on us and the insurance
industry as a result of the investigations being carried out by the
US Securities and Exchange Commission, New York's Attorney General
and other governmental authorities; our ability to regain past
customers following any rating upgrades and the resolution of the
investigations being carried out by the US Securities and Exchange
Commission, New York's Attorney General and other governmental
authorities; changes in our investment results due to the changed
composition of our invested assets or changes in our investment
policy; failure of our retrocessional reinsurers to honor their
obligations or changes in the credit worthiness of our reinsurers;
our failure to prevail in any current or future arbitration or
litigation; and extraordinary events affecting our clients, such as
bankruptcies and liquidations, and other risks and uncertainties,
including those detailed in the Company's filings with the U.S.
Securities and Exchange Commission (including, but not limited to,
our Annual Report on Form 20-F filed with the U.S. Securities and
Exchange Commission) and the SWX 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.
