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Converium

Swiss insurance company From Wikipedia, the free encyclopedia

Converium
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Converium Holding AG was a company that primarily provided reinsurance products in Europe, Asia, the Middle East, and Latin America through its parent holding company and through various subsidiaries. It was founded in 1995.[1] The company strived to create a uniform operational and organizational model in its multi-national global offices.[2]

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Products

It offered a variety of life and non-life reinsurance lines including most standard liability products and some special liability products including worker's compensation. It also offered many life and health insurance lines.[1]

The company maintained an alliance with the Medical Defence Union to support their business concerns.[1]

Ratings

The company suffered a series of downgrades in 2004, despite good business performance.[3] The company lashed out at ratings agencies saying that the downgrades "harmed our franchise".[4]

In 2007 the company was purchased by Scor, after becoming the target of a hostile takeover in February. Martin Ebner, together with the Zürcher Kantonalbank, helped the French reinsurer Scor to build up a position of almost 33 percent with a controversial option deal and contributed to Converium's management collapsing in its defensive struggle.[5][6]

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References

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