Comprehensive changes to its Board of Directors

Wednesday, 18. January 2006 06:59

The Board of Directors of Converium Holding Ltd will undergo
significant changes. Chairman Peter Colombo will step down at the
coming Annual General Meeting as he indicated at last year's Annual
General Meeting. Vice Chairman Georg Mehl as well as Board members
George G.C. Parker and Anton K. Schnyder will not be standing for
re-election when their term expires at the 2006 Annual General
Meeting. At this meeting, to be held on April 11, 2006, the Board of
Directors will propose to Converium's shareholders the election of
Lennart Blecher, Detlev Bremkamp and Harald Wiedmann as new members
of the Board.

"The changes announced today are in line with my statement made at
the 2005 Annual General Meeting that the rejuvenation of the Board is
an important goal. Following a thorough and successful search the
Board of Directors has now delivered on this promise," commented
Chairman Peter Colombo. "It is the next logical step, now that the
Board has successfully resolved the CEO succession by appointing Inga
Beale as of February 1, 2006."

Converium is pleased about the willingness of Lennart Blecher, Detlev
Bremkamp and Harald Wiedmann to stand for election.

Lennart Blecher (50) is an expert in finance and banking. After many
successful years with ABB, he currently serves in a senior management
role at HypoVereinsbank in Munich. Detlev Bremkamp (61) has in-depth
knowledge of the global insurance industry. He has worked for
Germany's Allianz Group for more than 40 years, for the last 15 years
until his retirement in December 2005 as a member of the Group's
Management Board. Harald Wiedmann (60) is a respected audit
professional who is well known in the insurance industry. Until the
end of 2005, he was CEO of KPMG Deutsche Treuhand-Gesellschaft AG and
Chairman of KPMG Europe, Middle East and Africa.

* * * * * * *


Detlev Bremkamp (German citizen)

Detlev Bremkamp served in a number of functions on the Board of
Management at Allianz AG from 1991 to 2005, including
responsibilities for European and overseas business, marine and
aviation, alternative risk transfer and reinsurance. Prior to being
promoted to the Board, he held a number of senior positions within
the Allianz Group between 1971 to 1991, including Managing Director
of Allianz Europe, and as member of the Board of Management within
Allianz Versicherung. Mr. Bremkamp served his apprenticeship with
Allianz and completed further training programs with English
insurers, brokers and Lloyd's of London. He is a member of the
supervisory board of ABB AG in Mannheim and Hochtief AG in Essen,
both in Germany. Furthermore, he is on the advisory board of Lehman
Brothers, London, and the Bayerische Landesbank in Munich, Germany.
In addition, Mr. Bremkamp holds a number of board memberships in
several other companies and committees in the financial sector.

Professor Dr. Harald Wiedmann (German citizen)

Professor Dr. Harald Wiedmann has been President of the German
Accounting Standards Board in Berlin, Germany, since 2006. Before
that, he worked in a variety of capacities within the KPMG Group from
1992 to 2005, first as a member of the Executive Board, then, from
1998 to 2005, as the CEO of KPMG Deutsche Treuhand-Gesellschaft AG,
and, from 2002 until 2005, as Chairman of KPMG Europe, Middle East
and Africa. From 1996 he was a member of the Executive Committee and
the International Board of KPMG International. Prior to its merger
with KPMG, he held a number of positions from 1974 in Peat Marwick
Treuhand, an audit firm based in Frankfurt, Germany, most recently as
Managing Partner. Professor Wiedmann was a member of the Main
Technical Committee of the German Institute of Auditors
(Hauptfachausschuss des Institutes der Wirtschaftsprüfer) from 1988
to 1997, holding the post of President from 1993. He graduated with a
degree in law from the German University of Munich in 1969 and
obtained his doctorate and tax advisory qualification in 1976. He is
an honorary professor at the University in Frankfurt and the
Technical University in Berlin, both in Germany. He is the author of
a number of publications on audit-related subjects and holds several
professional memberships. Presently he is a member of the supervisory
board of Praktiker Bau- und Heimwerkermärkte Holding AG, a company
listed in Germany.

Lennart Blecher (Swedish citizen)

Lennart Blecher is Managing Director of the HypoVereinsbank in
Munich, Germany, and is responsible for relationships with major
European clients. From 2002 to 2004 he was the Managing Director of
Acquisitions & Business Development for GE Commercial Finance in
London. Between 1988 and 2002 he held a number of positions within
the ABB Group in Zurich, Switzerland, including General Counsel of
the Financial Services Group, President of Structured Finance and
President of Equity Ventures. Before working for ABB, Mr. Blecher was
an attorney in Sweden. He obtained a law degree from Lund University
in Sweden in 1980 and an international law qualification from Dallas
University in 1985. Mr. Blecher is a Board member of Nordkap Bank in
Zurich, the Volito Group in Malmö, Sweden (as well as co-owner), AIG
Private Bank in Zurich, and Brunswick Rail Leasing in Russia. He is
also a member of the advisory board of EQT Opportunity Fund in
Stockholm, Sweden. During the period from 2000 to 2002 he was Deputy
Chairman of the Swedish Export Credit Corporation.

* * * * * * *


Esther Gerster Zuzana Drozd
Head of Public Relations Head of Investor Relations

Phone: +41 (0) 44 639 90 22 Phone: +41 (0) 44 639 91 20
Fax: +41 (0) 44 639 70 22 Fax: +41 (0) 44 639 71 20

About Converium

Converium is an independent international multi-line reinsurer known
for its innovation, professionalism and service. Today Converium
employs about 600 people in 20 offices around the globe and is
organized into four business segments: Standard Property & Casualty
Reinsurance, Specialty Lines and Life & Health Reinsurance, which are
based principally on ongoing global lines of business, as well as the
Run-Off segment, which primarily comprises the business from
Converium Reinsurance (North America) Inc., excluding the US
originated aviation business portfolio. Converium has a "BBB+" rating
(outlook stable) from Standard & Poor's and a "B++" rating (outlook
stable) 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 ' seek to', 'expects', 'should continue', 'believes',
'anticipates', 'estimates' and 'intends'. The specific
forward-looking statements cover, among other matters, the Company's
internal review and related restatement, the reinsurance market, the
Company's operating results, the rating environment and the prospect
for improving results and expense reductions. 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 the
impact of our ratings downgrade or a further lowering or loss of one
of our financial strength ratings; the impact of the restatement on
our ratings and client relationships; uncertainties of assumptions
used in our reserving process; risk associated with implementing our
business strategies and our capital improvement measures and the
run-off of our North American business; 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; 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; 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 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.
View document

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WKN: 766465 ; ISIN: CH0012997711; Index: SMCI, SPI, SMIEXP, SMIM,
Listed: Main Market in SWX Swiss Exchange;
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