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.[https://finance.yahoo.com/q/ct?s=CHR Yahoo Financials - Converium Holding AG Profile]
The company strived to create a uniform operational and organizational model in its multi-national global offices.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
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.
The company maintained an alliance with the Medical Defence Union to support their business concerns.
Ratings
The company suffered a series of downgrades in 2004, despite good business performance.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 The company lashed out at ratings agencies saying that the downgrades "harmed our franchise".Cyril Yuohy (2004), [http://findarticles.com/p/articles/mi_m0BJK/is_15_15/ai_n8578281 "Summit spat: Converium fires back at agencies"], Risk & Insurance
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.[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.[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.
References
{{Reflist}}
Category:Financial services companies established in 1995
Category:Reinsurance companies
Category:2007 mergers and acquisitions
Category:Insurance companies of Switzerland
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