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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 January, 2007
CONVERIUM HOLDING AG
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(Translation of registrant's name into English)
Dammstrasse 19
CH-6301 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 - January 31, 2007 - Converium announces changes to its Global
Executive Committee
o Jakob Eugster joins Converium as Executive Vice President for Standard
Property & Casualty Reinsurance
o Benjamin Gentsch, Executive Vice President for Specialty Lines, assumes
additional responsibility for Life & Health Reinsurance
Converium announces that Jakob Eugster has been appointed as a new member of the
Company's Global Executive Committee, effective February 1, 2007. Jakob Eugster
will be responsible for Converium's Standard Property & Casualty business. He
replaces Frank Schaar who will leave Converium.
Jakob Eugster, 52, a Swiss citizen, most recently served as Managing Director of
Benfield Germany, based in Munich. He accepted the position in 2002, following a
27 years career at Swiss Re in Zurich. Converium further announces that Benjamin
Gentsch, 46, Member of Converium's Global Executive Committee and Executive Vice
President for Specialty Lines, will assume additional responsibility for the
Company's Life & Health business. Benjamin Gentsch replaces Christoph Ludemann
who will leave Converium.
Inga Beale, CEO, commented: "I would like to thank Christoph Ludemann and Frank
Schaar for their valued contributions to Converium over the years and, more
recently, to the successful turnaround. I wish Christoph and Frank every success
in their future endeavors."
"I am delighted that Jakob Eugster is joining Converium as the new leader of our
Standard Property & Casualty business. Jakob has worked for more than three
decades in the reinsurance industry with an impressive track record. His vast
experience and proven skills will be invaluable for Converium in achieving our
ambitious targets for profitable growth."
"I am also very pleased that Benjamin Gentsch has agreed to assume an expanded
role within our leadership team. Based on his in-depth market knowledge and
previous experience in Life & Health reinsurance Benjamin and his team will
identify and capture growth opportunities in existing and new Life & Health
markets and products. In addition, he will continue to focus on developing our
global specialty book of business."
CVs:
Jakob Eugster is Converium's Executive Vice President for Standard Property &
Casualty Reinsurance, effective February 1, 2007. After finishing his studies in
Sargans/Switzerland, he started his reinsurance career in 1974 at Swiss Re in
Zurich, with a focus on the German market. Jakob Eugster later became the
assistant to Swiss Re's CEO before assuming the client relationship
responsibility for Switzerland and Austria. In 1998 he was appointed Member of
the Executive Team of Swiss Re's Europe division, taking charge of the Swiss and
Austrian markets as well as selected German clients. From 2002 to 2005 he served
as Managing Director of the German office of Benfield, one of the world's
leading reinsurance brokers. In this Munich-based role he was responsible for
developing Benfield's German, Swiss and Austrian markets. From 1993 to 1995
Jakob Eugster attended the University of St. Gallen International Management
Seminar for insurance industry executives.
Benjamin Gentsch is the Executive Vice President for Specialty Lines and, since
February 1, 2007, for Life & Health Reinsurance. In 1998, he joined Zurich Re as
the Chief Underwriting Officer Overseas where he was given the task of
strengthening the company's position in the Asian, Australian, African and Latin
American markets. In addition, he took charge of the Global Aviation reinsurance
department and built up the Professional Risk and Global Marine reinsurance
departments. In September 2002, Benjamin Gentsch was appointed Chief Executive
Officer of Converium Zurich. Between 1986 and 1998, he held various positions at
Union Reinsurance Company, Zurich, where from 1990 he was responsible for treaty
reinsurance business in Asia and Australia. He is a director of Global Aerospace
Underwriting Managers Ltd. (GAUM) and Medical Defense Union Services Ltd
(MDUSL). Benjamin Gentsch holds a degree in business administration of the
University of St. Gallen, with a focus on risk management and insurance.
Converium has made it a policy not to provide any quarterly or annual earnings
guidance and it will not update any past outlooks for full-year earnings. It
will, however, continue to provide investors with perspectives on its value
drivers, certain financial guidance for the full year, its strategic initiatives
and those factors critical to understanding its business and operating
environment.
Enquiries
Beat W. Werder Marco Circelli
Head of Public Relations Head of Investor Relations
beat.werder@converium.com marco.circelli@converium.com
Phone: +41 (0) 44 639 90 22 Phone: +41 (0) 44 639 91 31
Fax: +41 (0) 44 639 70 22 Fax: +41 (0) 44 639 71 31
Dr. Kai-Uwe Schanz
Chief Communication &
Corporate Development Officer
kai-uwe.schanz@converium.com
Phone: +41 (0) 44 639 90 35
Fax: +41 (0) 44 639 70 35
About Converium
Converium is an independent international multi-line reinsurer known for its
innovation, professionalism and service. Today Converium employs about 500
people in 15 offices around the globe and is organized into three business
segments: Standard Property & Casualty Reinsurance, Specialty Lines and Life &
Health Reinsurance. Converium has a "BBB+" financial strength rating (Credit
Watch positive) from Standard & Poor's and a "B++" financial strength rating
(outlook positive) 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, certain
financial guidance, e.g. related to the tax rate of the Company, the reduction
of North American net reserves, the acquisition costs ratio and the costs of the
Corporate Center, 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.
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/ Inga Beale
Name: Inga Beale
Title: CEO
By: /s/ Christian Felderer
Name: Christian Felderer
Title: General Legal Counsel
Date: January 31, 2007