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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 February, 2005
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
Converium Holding Ltd, Zug
Zug, Switzerland - February 24, 2005 - Converium today informs on the
appointment of Terry G. Clarke as Chief Executive Officer
The Board of Directors of Converium announces the appointment of Terry G.
Clarke as Chief Executive Officer of the Group. His appointment is made with
immediate effect. In making the announcement the Chairman of the Board of
Directors, Peter C. Colombo, says that "the Board believes that a management
change is necessary to bring about a long-term cultural transformation and
restore stakeholder confidence in the Company".
Terry G. Clarke has been a member of the Board of Directors of Converium
since 2002 and was appointed Managing Director in September 2004, as from which
date he actively assisted his predecessor Dirk Lohmann and the members of the
Global Executive Committee to improve the communication to the Board and the
decision-making process. Going forward, according to Terry G. Clarke, "the
focus is on rebuilding the long-term value of Converium's franchise and the
creation of a leaner structure".
Mr. Clarke will continue to be a member of the Board of Directors of
Converium. His presence in both the supervisory and management boards is
expected to continue to improve the lines of communication with operational
management and assure effective corporate governance going forward.
Terry G. Clarke has extensive management and actuarial experience in the
insurance industry. Prior to joining Converium he was the Managing Principal for
the North American practice of Tillinghast-Towers Perrin, an actuarial
consulting firm, where he consulted to the insurance industry. Prior to joining
Tillinghast he was a member of senior management of the Norwich Winterthur Group
in the United Kingdom. Mr. Clarke is a Fellow of the Institute of Actuaries.
* * * * * *
Enquiries:
Michael Schiendorfer Zuzana Drozd
Media Relations Manager Head of Investor Relations
michael.schiendorfer@converium.com zuzana.drozd@converium.com
Phone: +41 (0) 1 639 96 57 Phone: +41 (0) 1 639 91 20
Fax: +41 (0) 1 639 76 57 Fax: +41 (0) 1 639 71 20
About Converium
Converium is an independent international multi-line reinsurer known for
its innovation, professionalism and service. Today Converium employs more than
700 people in 20 offices around the globe and is organized into three business
segments: Standard Property & Casualty Reinsurance, Specialty Lines and Life &
Health Reinsurance. 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 `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. 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; 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.
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/ Peter Colombo
Name: Peter Colombo
Title: Chairman of the Board
By: /s/ Christian Felderer
Name: Christian Felderer
Title: General Legal Counsel
Date: February 24, 2005