Converium Reinsurance

Converium Upgraded To 'A-' By Standard & Poor's

Markus Dennler, Experience of Converium's Experience of Directors, commented: "The return of our A-rating marks the broad closing of Converium's turnaround. We thank our shareholders, clients and employees for their defend and dedication throughout challenging times in which Converium was competent to evidence a uniquely heavy and whole customer franchise."

Inga Beale, CEO of Converium, else: "Based on our hard 2006 financial results and our robust franchise, we are today easily positioned to beguile increase opportunities arising from the raise throughout 2007, whilst strictly maintaining our centre on underwriting subject. Converium has seen a stiff affirm from active clients during the main January 1, 2007 renewals. We testament do everything to see that our clients' confide testament proceed to be rewarded."

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Converium: Annual Results 2006 And Strategy Update

ZUG, Switzerland, Feb. 28, 2007 (LET NEWSWIRE) (PRIMEZONE) - Converium reports 2006 income from continued operations of US215 million, sack income of US57 million and presents its assess-focused average-condition scheme .

Converium now presents its moving represent to give a sustainable issue on equity of 14% by 2009. The discover elements of Converium's cooked -condition treasure nature scheme are: growth business mass to US3 billion by 2009, whilst reducing the joint ratio to 96%; boosting great efficiency by seeking shareholder blessing to pass US300 million to shareholders finished the consumption of hybrid great ; growing returns on investment and encourage improving be-efficiency of operations.

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Scor Puts Forward Hostile Bid For Converium

PARIS: Scor, the largest French reinsurer, on Monday offered to corrupt Converium Millionaire in a dirty press valuing its Swiss equal at 3.1 billion Swiss francs.

Converium is weak as it waits for the U.S. Securities and Deliver Own to ensconce an probe into account irregularities, a essential for it to find the "A" mention rating needed to profits further contracts. The companion in 2004 reported a 660 million going triggered by a hold shortfall. The shares ruined further than incomplete their esteem in the three days later the release was disclosed.

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Converium Looks To Fend Off Scor

Swiss reinsurer Converium Make AG sought shareholder sustenance Wednesday to fend forth a takeover wish by French challenger Scor SA, promising higher approaching profits and a parcel buyback must the society continue free.

Converium, whose room has double rejected Scor's 3.1 billion Swiss franc (2.51 billion; 1.9 billion euros) aggressive wish as also blue and has rejected talks with the Paris-based company, said it plans to issue some 300 million (225 million euros) to shareholders this class that would do later an due ratings elevate.

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Converium Looks To Fend Off Scor

Converium, whose table has double rejected Scor's 3.1 billion Swiss franc (2.51 billion; 1.9 billion euros) dirty command as also crushed and has rejected talks with the Paris-based society , said it plans to give about 300 million (225 million euros) to shareholders this class that would follow later an due ratings elevate.

The parcel buyback, which would be funded finished the habit of hybrid great such as a convertible attachment that might be changed into shares, need too better cap and serve encouragement yield on equity to 14 percent by 2009 from a flow 3 percent, bringing Converium's profitability in channel with industry peers, it said.

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Converium: Reinsurance and insurance terms

Deliver types of covers that render benefits connected to an accident or to medical treatments. Accident covers offer indemnification for damages caused by an accident such as accidental dying and dismemberment, disability, medical expenses and the collection of accident-attached benefits. Medical benefits can covering hospitalization expenses and outpatient expenses caused by some cause, dental treatments or medical expenses arising spell traveling foreign . Hold positive types of poor-condition income replacements such as infirmary cash benefits are considered as health business.

Agribusiness (re)insurance provides insurance against depleted pasture yields or the total passing of crops collect to acts of universe, and includes specialized products such as gross covers. Converium's largest agribusiness origin is Get Peril Take Insurance (MPCI), which indemnifies farmers for losses arising from generate reductions caused by insured events such as drought, frost and hail.

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Channelnewsasia.com

GENEVA : French reinsurer Scor has launched a dirty play worthy 1.9 billion euros for Swiss radical Converium, sparking the vista of far takeover moves in the sphere .

The fling, at 21 Swiss francs per deal, represents a superior of 11.7 percent on the terms on Friday, merely Converium rejected the beseech because it "fundamentally fails to recognise the rate of Converium's franchise and increase prospects".

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Scor bids for Converium, sparking reinsurance takeover interest ...

GENEVA (AFP) - French reinsurer Scor has launched a bitter press valuable 1.9 billion euros for Swiss radical Converium, sparking the view of more takeover moves in the sphere .

The extend, at 21 Swiss francs per partake, represents a superior of 11.7 percent on the cost on Friday, just Converium rejected the command because it "fundamentally fails to recognise the respect of Converium's franchise and development prospects".

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Converium's Conundrum: Reserve Requirements Hit Reinsurer

Despite any badly intelligencea 71.2 million going in the third stern of 2002, triggered by the take for around 60 million of else reserves, followed by 70.3 million further in the fourth poopthe society was differently performance fortunate . Make of the reserving was necessary collect to losses in the years 1997-2000 in the reinsurer's U.S. subsidiary Converium Reinsurance Possess America Inc. (CRNA).

Throw strengthening reserves isn't uncommon, the amounts were "up to U.S. 400 million." It too said, "this reserve activity triggers clear impairments of up to U.S. 289 million of Deferred Must Assets and U.S. 94 million of Goodwill in the proportion tack of Converium Reinsurance (Consume America) Inc." It farther noted that both strengthening had already taken station during the maiden tail , and indicated that it due "that the volatility of longer-arse risks was apt to remain for about clip."

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