Zurich, October 9, 2001. - With immediate effect, the formerly known Zurich Re will offer all its services under the new brand name Converium. The Zurich Re brand name will disappear, as all offices will be adopting the Converium brand on a worldwide scale.
We are pleased to inform that the first phase in the establishment of the Converium Group has been completed. Our holding company, Converium Holding Ltd, and our Swiss operating company, Converium Ltd, have received additional capital contributions and began operating on October 1. Several formation transactions, including the transfer of the share equity of Zürich Rückversicherung (Köln) AG and ownership in various overseas offices have been completed with effect from September 30, 2001. Further transactions are scheduled to take place during the upcoming weeks to complete the group's structure.
Converium consists of the three reinsurance entities, Converium Ltd, Zurich, Converium Reinsurance (North America) Inc. and Converium Reinsurance (Germany) Ltd. The latter two will continue to act under their existing names, in the case of Zurich Reinsurance (North America), Inc., until the name change is approved by the U.S. regulator and in case of Zurich Reinsurance (Cologne) Ltd, until such change is approved at the forthcoming annual shareholders' meeting on December 7, 2001.
As of October 1, 2001, Converium Ltd, Zurich - formerly known as Zurich Re (Zurich) - began operations. So have its newly formed branch offices in Singapore and Labuan (Malaysia). At the same time the representative offices in London, Tokyo, Buenos Aires and Sao Paulo began operating under the Converium name. Converium's new branch office in Australia and its representative office in Mexico are currently awaiting their regulatory approvals, which should happen prior to the end of this year. Until this approval is granted and current business structures are replaced by Converium structures locally, the existing Zurich Re facilities are being kept in place and will ensure a smooth handling of our business.
Converium is the new brand for the third party assumed reinsurance business to be divested from Zurich Financial Services. The Converium Group is rated "A+" by Standard & Poor's, and "A" by A.M. Best. It has underwriting centers in Zurich, Cologne and New York as well as offices in the USA, Asia, Europe and Latin America. Converium has 800 employees.
Converium Ltd.
Esther Gerster
Corporate Communications
Phone: 41 1 639 90 22
Fax: 41 1 639 90 59
See more of Converium's new identity: www.converium.com.
