-- Paolo De Martin joins Converium as Chief Financial Officer -- Andreas Zdrenyk assumes new role of Chief Operating Officer
ZUG, Switzerland, May 17, 2006 (PRIMEZONE) -- Converium announces that Paolo De Martin and Andreas Zdrenyk have been appointed as new members of the Company's Global Executive Committee, effective July 1, 2006.
Paolo De Martin (36), an Italian citizen, is currently Chief Financial Officer (CFO) of GE Frankona group, based in Munich. He took on this task in 2003, following the successful performance of a variety of internal audit and financial planning roles within GE.
Andreas Zdrenyk (46), a Swiss citizen, currently serves as Converium's interim Chief Financial Officer, a role he assumed in February 2005. As the new Chief Operating Officer (COO), Andreas Zdrenyk will be responsible for operations management including Information Technology.
Inga Beale, CEO, commented: "I am delighted that Paolo De Martin will join Converium. His distinct global leadership experience and specific expertise in all relevant finance areas, including rating agency relations and regulatory matters, will boost our efforts to complete Converium's turnaround and to re-establish the Company as one of the world's top ten reinsurance players."
Inga Beale continued: "My sincere thanks go to Andreas Zdrenyk who has successfully managed our finance function in a very challenging transition period, which also saw the restatement of prior year financial accounts. I am pleased that Andy will now take on the new role of COO, enabling Converium to benefit from his vast experience in operational management. The creation of this function demonstrates Converium's commitment to process excellence as a key prerequisite to our future success."
CVs:
Paolo De Martin is currently Chief Financial Officer of GE Frankona group, based in Munich. He joined General Electric Company in 1995 as a finance trainee in London. In 1997 he was recruited in GE's internal auditing & consulting group, charged with assignments in multiple GE businesses in the Americas, Europe and Asia-Pacific. In 2001, Paolo De Martin was promoted to Executive Manager for GE Capital Europe. In the same year, he joined GE Insurance Solutions as financial planning and analysis manager for Global Property and Casualty Reinsurance. Since 2003, he covers the role of CFO for GE Frankona group.
Prior to joining GE, he gained a two-year entrepreneurial experience in the eyeglasses business as founder and managing partner of an eyewear manufacturer.
Paolo De Martin, an Italian citizen, is a 1993 graduate in Business Economics of Ca' Foscari University (Venice, Italy).
Andreas Zdrenyk currently serves as interim Chief Financial Officer of Converium, a role he assumed in February 2005. He joined Zurich Re in 1998 and has gained in-depth insight into the Company's operations in various functions such as Chief Financial Officer of Converium Zurich and Zurich Re Zurich, respectively, Head of Internal Audit & Consulting and Global Chief Information Officer.
Prior to joining Zurich Re, Andreas Zdrenyk spent a total of 16 years with the Winterthur Swiss Insurance Group, six years of which as regional Head of Internal Audit North America, based in the United States.
Andreas Zdrenyk, a Swiss citizen, holds a Master's of Business Administration degree from Cox School of Business (Dallas, USA) and a Master's of Information Systems/Information Technology degree from the Swiss Association of Commerce (Zurich, Switzerland).
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 US 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 US 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.
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