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 December, 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 - December 19, 2005: Converium today reports on the status of
its extensive internal review and the resulting restatement of accounts as well
as on the third quarter results
-- Following the restatement of accounts, shareholders' equity as of June
30, 2005 increases by US$ 69.3 million to US$ 1,717.5 million.
-- For the third quarter of 2005, Converium reports a net loss of US$ 6.9
million. For the nine months ended September 30, 2005, Converium
reports net income of US$ 34.5 million.
-- Shareholders' equity at September 30, 2005 is US$ 1,697.3 million.
Restatement of accounts
On November 4, 2005, Converium announced its plan to restate prior period
financial statements. This decision was taken in light of findings of an
extensive internal review, overseen by the Audit Committee with the assistance
of independent outside counsel, launched against the backdrop of ongoing
investigations by regulators and governmental authorities into non-traditional
insurance and reinsurance products. The internal review addresses issues arising
from the ongoing governmental inquiries and Converium's own decision to review
certain additional items.
As a result of the review, Converium will restate its prior financial
information for periods through 2004, as well as for each of the quarters from
March 31, 2003 through June 30, 2005. Converium today provides unaudited
restated financial information for its December 31, 2004 and June 30, 2005
balance sheets. The Company expects to report in full on the effects of the
restatement on its previously reported financial information in the near future.
The restatement resulted in an increase to previously reported shareholders'
equity as of June 30, 2005 of US$ 69.3 million to US$ 1,717.5 million and an
increase as of December 31, 2004 of US$ 14.6 million to US$ 1,734.8 million.
Additional details pertaining to restatement amounts as of December 31, 2004 and
June 30, 2005 are provided in Attachment 2. Although the impact of the
restatement on shareholders' equity as of June 30, 2005 is positive,
shareholders' equity for certain periods prior to December 2004 will decrease
materially.
As a result of the restatement, any previously published financial statements
and information should not be viewed as a basis of comparison to the results
presented today and should no longer be relied upon. Converium will file an
amended Form 20-F reflecting the restatement adjustments and their impact on
previous disclosures and financial statements. Further, the previously published
financial statements should be considered unaudited until the amended Form 20-F
is filed and PricewaterhouseCoopers Ltd completes its re-audit and re-issues its
Report of the Independent Group Auditors with respect to the financial
statements included therein.
While more detailed information will be provided when the restated financial
information for all periods is provided, the following summary information is
presented at this time:
-- As a result of the internal review Converium has concluded that a
number of transactions previously accounted for as reinsurance were
accounted for incorrectly under the requirements of FAS 113
("Accounting and Reporting for Reinsurance of Short-Duration and
Long-Duration Contracts"). As a result, the financial information
relating to these transactions was restated to be recorded as deposits
or on a retroactive basis, as appropriate.
In some cases, these transactions involved written or oral agreements,
understandings or discussions relating to risk expectations that were
not appropriately reflected in the accounting treatment at the time of
origination. Arrangements of this type would have reduced or
eliminated the anticipated risk transfer on which the original
accounting was based. In other cases, the internal review did not
conclusively establish whether such arrangements existed but the
restatement was deemed advisable in light of evidence suggesting a
reasonable possibility of such arrangements.
This resulted in a decrease of shareholders' equity as of June 30,
2005 of US$ 49.8 million.
-- The restatement with respect to the accounting for income taxes
resulted principally from corrections of the valuation allowance
against deferred taxes recorded in 2004 because of the substantial
losses incurred that year. This resulted in an increase of
shareholders' equity as of June 30, 2005 of US$ 126.6 million.
-- The adjustments reflected in the restatement will also include the
correction of certain unrelated entries. This resulted in a decrease
of shareholders' equity as of June 30, 2005 of US$ 7.5 million.
After discussing the findings of the review with independent outside counsel,
Converium's Audit Committee determined that the recommended accounting
corrections were appropriate and authorized the restatement.
As previously reported in our 2004 Form 20-F, management and our external
auditors informed the Audit Committee that they had identified certain matters
that constituted material weaknesses in Converium's internal control environment
as at December 31, 2004. In addition, the Audit Committee has subsequently
identified material weaknesses in internal controls designed (i) to ensure that
the underwriting and risk transfer analysis reflects all relevant elements of
contractual relationships entered into by the Company and (ii) to account for
income taxes. The Company is taking actions to address weaknesses in its
internal control environment.
As reported before, Converium has received subpoenas and informal inquiries from
certain governmental authorities with respect to non-traditional insurance and
reinsurance products. The Company is in the process of sharing the results of
its internal review with relevant authorities and will continue to respond to
all regulatory inquiries, as appropriate.
Although the internal review was extensive, the ongoing governmental inquiries,
or other developments, could result in further restatements of Converium's
financial results in the future.
Peter C. Colombo, Chairman of the Board of Directors and the Audit Committee,
commented: "The Audit Committee believes that Converium's internal review was
comprehensive and thorough. Based on the review, we now feel comfortable
publishing important data such as our most recent equity position and relevant
details pertaining to the third quarter of 2005. As anticipated, the restatement
had a positive impact on Converium's June 30, 2005 shareholders' equity."
Peter C. Colombo added: "Based on our rigorous internal review, we do not have
any reason to believe that there are any other transactions that require
restatement. Of course, we cannot exclude the possibility that further action
will be necessary as the governmental inquires will continue and we intend to
cooperate with the regulators."
Financial results of the three and nine months ended September 30, 2005
Key metrics (in US$, unless noted)
Three months ended Nine months ended
September 30, 2005 September 30, 2005*
Gross premiums written 482.6 1,618.9
Net premiums written 432.4 1,501.2
Net premiums earned 605.2 1,941.7
Total investment result 70.5 238.8
(Loss) income before taxes -1.3 45.5
Net (loss) income -6.9 34.5
Basic (loss) earnings per share -0.05 0.24
Annualized return on shareholders' equity -1.6% 2.7%
Ongoing non-life loss ratio(1) 89.7% 79.6%
Ongoing non-life underwriting expense ratio(1) 15.3% 20.3%
Ongoing non-life administration expense ratio(1) 5.9% 6.6%
(1)Ongoing non-life combined ratio 110.9% 106.5%
(2)Pre-tax operating income 22.1 98.0
Average annualized total investment income yield
(pre-tax) 3.6% 4.0%
*Reflects the effects of the restatement
The table below shows the reconciliation to pre-tax operating income for the
three and nine months ended September 30, 2005:
Three months ended Nine months ended
September 30, 2005 September 30, 2005
Pre-tax operating income 22.1 98.0
Net realized capital (losses) gains -6.4 -8.1
Amortization of intangible assets -7.5 -21.3
Restructuring costs -9.5 -23.1
(Loss) income before taxes -1.3 45.5
Converium produces a close to break-even result for the third quarter
For the third quarter of 2005, Converium reported a loss before taxes of US$ 1.3
million, a pre-tax operating income of US$ 22.1 million and a net loss of US$
6.9 million. The third quarter of 2005 was impacted by the US hurricanes and
European floods in the amount of US$ 74.2 million and costs of US$ 9.5 million
associated with our organizational and operational restructuring. Offsetting
this was the positive impact of the commutations carried out in the third
quarter of 2005 in the amount of US$ 39.0 million as well as net positive
development of prior years' loss reserves in the amount of US$ 11.3 million. In
addition, the quarter was positively impacted by the reduction of administration
expenses due to the realization of cost management measures adopted early in
2005 as well as solid investment results.
In the third quarter of 2005 Converium recorded gross premiums written, net
premiums written, and net premiums earned of US$ 482.6 million, US$ 432.4
million and US$ 605.2 million, respectively, which were in line with
expectations. The premium figures reflect the reduction in business volume
caused by the placement of Converium Reinsurance (North America) Inc. (CRNA)
into orderly run-off in 2004 and the impact of the ratings downgrades in the
same year.
Overall, Converium continues to believe that its gross premiums written target
of approximately US$ 2.0 billion for the 2005 calendar year is achievable.
Converium's shareholders' equity amounted to US$ 1,697.3 million as of September
30, 2005 as compared to US$ 1,717.5 million restated as of June 30, 2005. The
decrease reflects the net loss for the third quarter as well as effects due to
currency translations and unrealized capital losses.
Noticeable impact of natural catastrophes
For the third quarter of 2005, the non-life combined ratio for Converium's
ongoing operations was 110.9% (including an administration expense ratio of
5.9%). For the nine months ended September 30, 2005, the non-life combined ratio
for the ongoing operations was 106.5% (including an administration expense ratio
of 6.6%).
In the third quarter of 2005, Converium recorded losses from Hurricane Katrina,
Hurricane Rita, Hurricanes Dennis and Emily and the European floods with an
estimated total net impact of US$ 37.5 million, US$ 10.0 million, US$ 2.3
million and US$ 24.4 million, respectively. The ongoing non-life combined ratio
excluding the impact of the hurricanes and the European floods would have been
97.8% for the third quarter of 2005, which excludes US$ 11.4 million of losses
related to Hurricane Katrina that were recorded in the Run-Off segment.
Based on preliminary estimates, Converium expects its losses for Hurricane
Wilma, which occurred in the fourth quarter of 2005, to be in the range of US$
25.0 million to US$ 35.0 million.
Favorable loss reserve development
In the third quarter of 2005 Converium recorded net positive development of
prior years' loss reserves of US$ 11.3 million, which resulted in overall net
positive development of US$ 15.0 million for the nine months ended September 30,
2005. For the third quarter of 2005, net positive development of US$ 23.7
million was recorded in the Company's ongoing operations, which primarily
consisted of US$ 31.4 million of net positive development within the Property
line of business and was partially offset by US$ 16.5 million of net
strengthening within the General Third Party Liability line of business. In the
Run-Off segment, net strengthening of prior years' loss reserves of US$ 12.4
million was recorded for the third quarter of 2005, which primarily consisted of
US$ 5.8 million of net positive development in the Property line of business and
was offset by US$ 14.6 million of net strengthening within the General Third
Party Liability line of business.
Converium believes that the continuing stability of its aggregate prior years'
loss reserve position reflects the adequacy of prior reserving actions.
CRNA run-off on track; commutations target to be exceeded
For the nine months ended September 30, 2005, CRNA's net loss reserves have
decreased by US$ 443.5 million, including the effects of commutations and other
settlements. The commutations resulted in a positive contribution of US$ 39.0
million to net income in the third quarter of 2005. Since December 31, 2004 net
loss reserves at CRNA have declined to approximately US$ 1.3 billion. In light
of further commutations carried out in the fourth quarter of 2005, Converium
will exceed its previously stated target of commuting or otherwise settling CRNA
liabilities of approximately US$ 500 million for the full year 2005.
Progress in trimming cost base
In the third quarter of 2005, the administration expense ratio for the ongoing
non-life business (excluding Corporate Center segment costs) was 5.9%. Other
operating and administration expenses for the Company were US$ 40.3 million, a
decrease of US$ 10.1 million or 20.0% compared to the second quarter of 2005.
As expected, the cost management measures initiated in March 2005 have taken
effect in the third quarter of 2005. The Company reaffirms that it will continue
to incur certain expenses which it considers crucial investments in order to
expedite its rebound following the restoration of its financial strength ratings
and to accelerate the recovery of its market position.
Solid investment result
In the third quarter of 2005, Converium generated a total investment result of
US$ 70.5 million or an average annualized total investment income yield
(pre-tax) of 3.6%. Net investment income for the third quarter of 2005 was US$
76.9 million. Converium's third quarter 2005 investment results reflect the
realization of capital losses due to the liquidation of investments to support
the Company's third quarter commutation efforts.
Terry Clarke, CEO, said: "Converium's operating recovery has continued in the
third quarter. We have absorbed significant catastrophe losses, and yet achieved
a close to break-even result. Our capital base continues to be strong after a
quarter which has been the costliest ever for the global insurance and
reinsurance industry. As anticipated, our equity position as of June 30, 2005
was positively impacted by the restatement of accounts."
Mr. Clarke added: "We are also pleased with the pace of the North American
run-off, which exceeds our targets, as well as with the sizeable reduction of
administrative expenses."
Converium 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 continue to provide investors with perspectives on its value drivers,
its strategic initiatives and those factors critical to understanding its
business and operating environment.
Enquiries:
Esther Gerster Zuzana Drozd
Head of Public Relations Head of Investor Relations
esther.gerster@converium.com zuzana.drozd@converium.com
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.
www.converium.com
Attachment 1
Selected third quarter financial results
Basis of preparation
The unaudited interim financial information for Converium Holding Ltd and
subsidiaries ("Converium" or "the Company") has been prepared on the basis of
United States generally accepted accounting principles for interim financial
information. Accordingly, such financial information does not reflect all the
information required by generally accepted accounting principles for complete
financial statements. In the opinion of management, all adjustments considered
necessary for a fair presentation have been included. The results of operations
for the interim period are not necessarily indicative of the results that may be
expected for the year ended December 31, 2005, as interim results may be
affected by several factors including, but not limited to, changes in the
economic environment and catastrophic losses. Financial information for the year
ended December 31, 2004 and the period ended June 30, 2005 has been restated and
the interim financial information for the nine months ended September 30, 2005
reflects the effects of the restatement. A summary of the restatement effects is
included below:
o As a result of the internal review Converium has concluded that a
number of transactions previously accounted for as reinsurance were
accounted for incorrectly under the requirements of FAS 113
("Accounting and Reporting for Reinsurance of Short-Duration and
Long-Duration Contracts"). As a result, the financial information
relating to these transactions was restated to be recorded as deposits
or on a retroactive basis, as appropriate.
o The restatement with respect to the accounting for income taxes
resulted principally from corrections of the valuation allowance
against deferred taxes recorded in 2004 because of the substantial
losses incurred that year.
o The adjustments reflected in the restatement also include the
correction of certain unrelated entries.
The impact of the above items on shareholders' equity at December 31, 2004 is
shown on the "Consolidated statement of changes in shareholders' equity".
In addition, certain reclassifications have been made to prior year amounts to
conform to current year's presentation.
As a result of the restatement, any previously published financial statements
and information should not be viewed as a basis of comparison to the results
presented today and should no longer be relied upon. Converium will file an
amended Form 20-F reflecting the restatement adjustments and their impact on
previous disclosures and financial statements. Further, the previously published
financial statements should be considered unaudited until the amended Form 20-F
is filed and PricewaterhouseCoopers Ltd completes its re-audit and re-issues its
Report of the Independent Group Auditors with respect to the financial
statements included therein.
Attachment 1 (cont'd)
Selected third quarter financial results
Consolidated statements of income Three months Nine months
(Unaudited) ended ended
In US$ million, unless noted September 30, 2005 September 30, 2005*
Revenues
Gross premiums written 482.6 1,618.9
Less ceded premiums written -50.2 -117.7
Net premiums written 432.4 1,501.2
Net change in unearned premiums 172.8 440.5
Net premiums earned 605.2 1,941.7
Net investment income 76.9 246.9
Net realized capital (losses) gains -6.4 -8.1
Other income (loss) 3.0 -2.4
Total revenues 678.7 2,178.1
Benefits, losses and expenses
Losses, loss adjustment expenses and life benefits -492.1 -1,488.6
Underwriting acquisition costs -122.9 -428.4
Other operating and administration expenses -40.3 -147.6
Interest expense -7.7 -23.6
Amortization of intangible assets -7.5 -21.3
Restructuring costs -9.5 -23.1
Total benefits, losses and expenses -680.0 -2,132.6
(Loss) income before taxes -1.3 45.5
Income tax expense -5.6 -11.0
Net (loss) income -6.9 34.5
Basic (loss) earnings per share (US$) -0.05 0.24
* Reflects the effects of the restatement
Attachment 1 (cont'd)
Selected third quarter financial results
Consolidated condensed balance sheets September 30, December 31, 2004
(Unaudited) 2005* Restated
In US$ million, unless noted
Invested assets
Held-to-maturity securities:
Fixed maturities 803.2 850.4
Available-for-sale securities:
Fixed maturities 4,606.7 4,834.8
Equity securities 442.2 399.4
Other investments 252.7 279.2
Short-term investments 72.2 117.3
Total investments 6,177.0 6,481.1
Funds Withheld Asset 1,111.0 1,305.1
Total invested assets 7,288.0 7,786.2
Other assets
Cash and cash equivalents 317.9 680.9
Premiums receivables:
Current 523.8 401.7
Accrued 989.9 1,413.1
Reserves for unearned premiums, retro 39.9 55.2
Reinsurance assets:
Underwriting reserves 882.7 937.9
Insurance balances receivable 57.0 139.3
Funds held by reinsureds 1,616.8 1,737.7
Non-risk transfer reinsurance assets 182.3 170.4
Deferred policy acquisition costs 331.2 482.7
Deferred income taxes 89.2 79.8
Other assets 360.9 358.6
Total assets 12,679.6 14,243.5
Liabilities
Reinsurance liabilities
Loss and loss adjustment expenses, gross 8,102.1 8,908.3
Future life benefits, gross 399.0 407.1
Reinsurance balance payable 406.0 566.1
Reserves for unearned premiums, gross 746.2 1,247.7
Other reinsurance liabilities 123.6 73.6
Funds held under reinsurance contracts 191.4 194.8
Non-risk transfer reinsurance liabilities 310.5 356.5
Deferred income taxes 94.9 81.8
Accrued expenses and other liabilities 217.4 281.7
Debt 391.2 391.1
Total liabilities 10,982.3 12,508.7
Total shareholders' equity 1,697.3 1,734.8
Total liabilities and shareholders' equity 12,679.6 14,243.5
* Reflects the effects of the restatement
Note: Details of the equity section of the balance sheet and the related
changes in equity will be available when the Company reports in full on the
effects of the restatement on its previously reported financial information.
Attachment 1 (cont'd)
Selected third quarter financial results
Consolidated statement of changes in shareholders' equity Total equity
(Unaudited)
In US$ million, unless noted
Balance, December 31, 2004 (as previously reported) 1,720.2
Reinsurance transactions -109.3
Taxation adjustments 130.7
Other items -6.8
Balance, December 31, 2004 (restated)* 1,734.8
Net income 34.5
Change in net unrealized gains (losses) on investments, net of taxes 11.8
Translation adjustments -86.8
Total comprehensive loss -40.5
Purchases of common shares -1.5
Net amortization of stock compensation 4.5
Balance, September 30, 2005 1,697.3
Consolidated statement of changes in shareholders' equity Total equity
(Unaudited)
In US$ million, unless noted
Balance, June 30, 2005 (restated)* 1,717.5
Net loss -6.9
Change in net unrealized gains (losses) on investments, net of taxes -2.6
Translation adjustments -11.6
Total comprehensive loss -21.1
Net amortization of stock compensation 0.9
Balance, September 30, 2005 1,697.3
* Reflects the effects of the restatement
Note: Details of the changes in equity will be available when the Company
reports in full on the effects of the restatement on its previously reported
financial information.
Attachment 2
Summary of impact of restatement
Consolidated balance sheets As of June 30, 2005 As of December 31, 2004
(Unaudited)
As
previously As previously
In US$ million, unless noted reported As restated reported As restated
Invested assets
Held-to-maturity securities:
Fixed maturities 819.9 819.9 850.4 850.4
Available-for-sale securities:
Fixed maturities 4,951.1 4,951.1 4,834.8 4,834.8
Equity securities 419.4 419.4 399.4 399.4
Other investments 254.3 252.3 281.4 279.2
Short-term investments 81.5 81.5 117.3 117.3
Total investments 6,526.2 6,524.2 6,483.3 6,481.1
Funds Withheld Asset 1,159.2 1,159.2 1,305.1 1,305.1
Total invested assets 7,685.4 7,683.4 7,788.4 7,786.2
Other assets
Cash and cash equivalents 281.4 281.4 680.9 680.9
Premiums receivables:
Current 331.9 368.5 416.5 401.7
Accrued 1,279.0 1,287.5 1,395.5 1,413.1
Reserves for unearned premiums, retro 83.6 44.1 111.6 55.2
Reinsurance assets:
Underwriting reserves 940.8 930.5 1,226.2 937.9
Insurance balances receivable 390.9 332.9 233.5 139.3
Funds held by reinsureds 1,609.4 1,615.9 1,721.3 1,737.7
Non-risk transfer reinsurance assets 139.1 180.6 137.0 170.4
Deferred policy acquisition costs 334.7 334.0 484.7 482.7
Deferred income taxes 70.2 88.3 78.3 79.8
Other assets 346.3 382.5 335.4 358.6
Total assets 13,492.7 13,529.6 14,609.3 14,243.5
Liabilities
Reinsurance liabilities
Loss and loss adjustment expenses, gross 8,266.8 8,416.1 8,915.6 8,908.3
Future life benefits, gross 398.9 398.9 407.1 407.1
Reinsurance balance payable 528.8 469.4 585.9 566.1
Reserves for unearned premiums, gross 971.8 922.2 1,312.3 1,247.7
Other reinsurance liabilities 173.2 385.7 110.4 73.6
Funds held under reinsurance contracts 445.8 201.8 379.3 194.8
Non-risk transfer reinsurance liabilities 311.3 319.5 348.5 356.5
Deferred income taxes 145.0 95.3 157.2 81.8
Accrued expenses and other liabilities 211.7 211.9 281.7 281.7
Debt 391.2 391.3 391.1 391.1
Total liabilities 11,844.5 11,812.1 12,889.1 12,508.7
Total shareholders' equity 1,648.2 1,717.5 1,720.2 1,734.8
Total liabilities and shareholders' equity 13,492.7 13,529.6 14,609.3 14,243.5
Note: Details of the equity section of the balance sheet and the related
changes in equity will be available when the Company reports in full on the
effects of the restatement on its previously reported financial information.
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/ Terry Clarke
-----------------------
Name: Terry Clarke
Title: CEO
By: /s/ Christian Felderer
--------------------------------
Name: Christian Felderer
Title: General Legal Counsel
Date: December 22, 2005