Converium

{{short description|Swiss insurance company}} {{Infobox company | name = Converium Holding AG | logo = Converium logo.png | type = | industry = reinsurance | fate = acquired by SCOR SE | founded = 1995 | founder = | defunct = 2007 }} '''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.<ref name="yahoo">[https://finance.yahoo.com/q/ct?s=CHR Yahoo Financials - Converium Holding AG Profile]</ref> The company strived to create a uniform operational and organizational model in its multi-national global offices.<ref>Julie Gallagher (2003), [http://www.insurancetech.com/resources/infrastructure/showArticle.jhtml?articleID=14705438 "Bridging IT Globally"] {{Webarchive|url=https://web.archive.org/web/20061024212807/http://insurancetech.com/resources/infrastructure/showArticle.jhtml?articleID=14705438 |date=2006-10-24 }}, Insurance & Technology</ref>

==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.<ref name="yahoo"/>

The company maintained an alliance with the Medical Defence Union to support their business concerns.<ref name="yahoo"/>

==Ratings== The company suffered a series of downgrades in 2004, despite good business performance.<ref>Charles E. Boyle (2004), [http://www.insurancejournal.com/magazines/southeast/2004/12/06/features/50181.htm "European Insurance Summit 2004 Offers Some Words to Live By"], Insurance Journal</ref> The company lashed out at ratings agencies saying that the downgrades "harmed our franchise".<ref>Cyril Yuohy (2004), [http://findarticles.com/p/articles/mi_m0BJK/is_15_15/ai_n8578281 "Summit spat: Converium fires back at agencies"], Risk & Insurance</ref>

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.<ref>[https://web.archive.org/web/20160413033752/http://www.nzz.ch/ebner-trieb-converium-in-die-haender-von-scor-1.529677 ''Ebner trieb Converium in die Hände von Scor''], NZZ Online, 18 July 2007, retrieved 11 July 2011.</ref><ref>[https://www.srf.ch/play/tv/10-vor-10/video/turbulente-uebernahme-converium-wird-franzoesisch?urn=urn:srf:video:3d48285f-f5cb-47d1-bc7d-0e7b32b45a77 ''Turbulente Übernahme: Converium wird französisch''], 10vor10, 10 May 2007, retrieved 11 July 2011.</ref>

==References== {{Reflist}}

Category:Financial services companies established in 1995 Category:Reinsurance companies Category:2007 mergers and acquisitions Category:Insurance companies of Switzerland