ZUG, Switzerland, Sept. 30, 2004 (PRIMEZONE) -- Dr. Jurgen Forterer, CEO of R+V Versicherung, Wiesbaden, has resigned from the Board of Directors of Converium Holding Ltd effective September 29, 2004. This decision is a result of Converium's future focus on small and medium-sized clients in Europe which leads to direct competition with the reinsurance business of R+V Versicherung. In order to avoid any conflict of interest Dr. Forterer has decided to step back from the Board of Directors of Converium Holding Ltd.
The Board of Directors, of which Dr. Forterer was a member since Converium's Initial Public Offering, thanks him for his valuable contributions.
Enquiries:
Michael Schiendorfer Media Relations Manager
michael.schiendorfer@converium.com
Phone: +41 (0) 1 639 96 57Fax: +41 (0) 1 639 76 57
Zuzana Drozd Head of Investor Relations
zuzana.drozd@converium.com
Phone: +41 (0) 1 639 91 20Fax: +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 approximately 850 people in 23 offices around the globe and is organized into three business segments: Standard Property & Casualty Reinsurance, Specialty Lines and Life & Health Reinsurance. Converium Ltd has a "BBB" rating (watch positive) from Standard & Poor's. Converium Holding Ltd has a "B++" (outlook stable) 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.