Converium
| Converium Holding AG
|
|
|---|---|
 |
|
| legal form | Corporation |
| ISIN | CH0012997711 |
| founding | October 1, 2001 |
| resolution | 2007 |
| Reason for dissolution | Inclusion in the Scor |
| Seat | Zug , Switzerland (until 2007) |
| management | Markus Dennler ( Chairman of the Board of Directors , 2006/07) Inga K. Beale ( CEO ) (2006/07) |
| Number of employees | 534 employees (December 31, 2006) |
| sales | 2.0 billion CHF (2006) |
| Branch | reinsurance |
| Website | SCOR Holding (Switzerland) Ltd ( Memento of October 11, 2007 in the Internet Archive ) |
The Converium Holding AG , headquartered in Zurich was one of the ten largest reinsurance companies worldwide. It was a stock corporation under Swiss law. Its shares were listed on the SIX Swiss Exchange and the New York Stock Exchange (NYSE). The company sold reinsurance in Europe , North America , Asia , Middle East , Latin America and had offices on five continents.
Company history
From 1997, various reinsurance activities such as active and passive reinsurance in Zurich, the Zurich Reinsurance Center in New York and Agrippina Rück in Cologne were combined under the name Zurich Re in the Zurich Financial Services (ZFS) Group .
Converium was founded on October 1, 2001 by transferring the business previously written under Zurich Re and initial capital of USD 1.6 billion. The IPO took place on 11 December 2001. It was the hitherto biggest IPO of reinsurance.
In July 2004 Converium had to issue a profit warning because the development of claims in the US liability business in the years 1997 to 2001 - still under the umbrella of Zurich Financial Services (ZFS) - was underestimated and therefore the reserves were over 400 million .Dollars would have to be increased. As a result, the stock market price fell by more than 50 percent in one day and by 70 percent within twelve months. In September 2004 Standard and Poor's downgraded the rating from A- to BBB.
Despite a series of natural disasters, the reinsurer managed to return to profitability in 2005.
In 2006 the US shares were sold to the National Indemnity Company , part of the Berkshire Hathaway Group . In March 2007, Converium received its A rating back.
In February 2007, Converium was the target of a hostile takeover. Martin Ebner , together with Zürcher Kantonalbank, helped the French reinsurer Scor to build a position of almost 33 percent with a controversial option business and contributed to the Converium management collapsing in its defensive battle.
Individual evidence
- ↑ Entry by SCOR Holding (Switzerland) AG ( page no longer available , search in web archives ) Info: The link was automatically marked as defective. Please check the link according to the instructions and then remove this notice. in the commercial register of the Canton of Zurich, accessed on July 11, 2011.
- ↑ a b Scor Holding (Switzerland) Ltd - Annual Report of a Foreign Private Issuer , Form 20-F as of December 31, 2006, June 14, 2007, accessed on July 11, 2011.
- ↑ Munich Re gives up US business , Focus , March 7, 2005, accessed on July 11, 2011.
- ↑ Converium makes a profit again , NZZ Online , March 15, 2006, accessed on March 13, 2019.
- ↑ Converium again published with an “A” rating , versicherungen.ch , March 1, 2007, accessed on July 11, 2011.
- ↑ Converium is targeted by hostile takeover ( memento of April 30, 2009 in the Internet Archive ), NZZ Online , February 19, 2007.
- ↑ Ebner drove Converium into the hands of Scor , NZZ Online , July 18, 2007, accessed on July 11, 2011.
- ↑ Turbulent takeover: Converium goes French ( page no longer available , search in web archives ) Info: The link was automatically marked as defective. Please check the link according to the instructions and then remove this notice. , 10 to 10 , May 10, 2007, accessed July 11, 2011.
