Form 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934
For the month of September, 2004
CONVERIUM HOLDING AG
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(Translation of registrant's name into English)
Baarerstrasse 8
CH-6300 Zug
Switzerland
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(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports
under cover Form 20-F or Form 40-F.
Form 20-F X Form 40-F
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Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes No X
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If "Yes" is marked, indicate the file number assigned to the registrant in
connection with Rule 12g3-2(b): 82-Not Applicable
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Converium Holding Ltd, Zug
Zug, Switzerland - September 10, 2004 - Converium today announces the
appointment of Terry G. Clarke to the position of Managing Director of Converium
Holding Ltd.
The Board of Directors of Converium Holding Ltd today announces the appointment,
with immediate effect, of its member Terry G. Clarke, F.I.A., age 62, to the
position of Managing Director. Mr Clarke, a British citizen, will actively
support the Chief Executive Officer, Dirk Lohmann, and his management team in
running the Company. He will be responsible for enhancing the effectiveness of
strategic and operational decision-making. Mr Clarke will continue to be a
member of the Board of Directors.
Peter C. Colombo, Chairman of the Board of Directors, stated: "Converium's
current short-term challenges require a closer collaboration between the Board
of Directors and the Global Executive Committee. Going forward, Mr Clarke's role
will be to provide an interface between the Board and the management team. I am
convinced that this move will help Converium to successfully meet the current
and future challenges facing the Company."
Terry G. Clarke was a consulting actuary with Tillinghast, Towers Perrin and a
Principal of Towers Perrin. He joined their London office in 1986 and,
immediately prior to his retirement at the end of 2001, was Managing Principal
of Tillinghast's North America practice. Previously, from 1978 until 1986 Mr
Clarke was a member of the Norwich Winterthur Group senior management team.
Prior to 1978, he held various positions in the Norwich Union Group. Mr Clarke
is a Fellow of the Institute of Actuaries and has been co-author of a number of
papers on non-life insurance subjects as well as a tutor and examiner. He is a
member of a number of professional committees both in the U.K. and in Europe.
* * * * * * *
Enquiries:
Dr Kai-Uwe Schanz Zuzana Drozd
Chief Communication Officer Head of Investor Relations
kai-uwe.schanz@converium.com zuzana.drozd@converium.com
Phone: +41 (0) 1 639 90 35 Phone: +41 (0) 1 639 91 20
Fax: +41 (0) 1 639 70 35 Fax: +41 (0) 1 639 71 20
About Converium
Converium is an independent leading global multi-line reinsurer known for its
innovation, professionalism and service. Today Converium ranks among the top ten
professional reinsurers and employs approximately 850 people in 23 offices
around the globe. Converium is organized into three business segments: Standard
Property & Casualty Reinsurance, Specialty Lines and Life & Health Reinsurance.
Converium's net losses for the September 11, 2001 terrorist attacks in the
United States are capped at US$ 289.2 million by its former parent, Zurich
Financial Services. Converium has minimal A&E exposures. Converium has an "A -"
rating (watch negative) from Standard & Poor's and a "B++" (outlook negative)
rating from A.M. Best Company.
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 reinsurance market, the outcome of
insurance regulatory reviews, the Company's operating results, the rating
environment and the prospect for improving results, the amount of capital
required and impact of its capital improvement measures, including the
restructuring of our U.S. business and its reserve position. 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;
the outcome of our regular quarterly reserve review, our ability to raise
capital and the success of our capital improvement measures, the ability to
obtain applicable regulatory approval for our capital improvement measures, 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 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.
Please note that the company has made it a policy not to provide any quarterly
or annual earnings guidance and it will not update any past outlook for full
year earnings. It will however provide investors with perspective on its value
drivers, its strategic initiatives and those factors critical to understanding
its business and operating environment.
www.converium.com
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
CONVERIUM HOLDING AG
By: /s/ Dirk Lohmann
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Name: Dirk Lohmann
Title: CEO
By: /s/ Christian Felderer
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Name: Christian Felderer
Title: General Legal Counsel
Date: September 17, 2004