In 2004 Converium put its U.S. Converium North America unit into runoff and announced that the U.S. operation's president, Gary Prestia, had resigned. Converium has continued to write some U.S. business from Switzerland.

The company's actions have prompted stockholder suits accusing that the company failed to disclose it had inadequate loss reserves for Converium North America, did not establish adequate reserves to cover claims, and announced materially insufficient reserve increases and overstated earnings and assets.

Converium reported in November that in light of investigations of the insurance and reinsurance industry and nontraditional insurance and reinsurance products in the United States and Europe, it had launched an "extensive internal review of certain reinsurance transactions and engaged outside counsel to assist the company."

Converium reported "substantial progress" of the internal review but decided to restate its accounts, based on information and findings identified during the internal review.

The primary driver of the restatement, the company said, was to "correct the accounting treatment of certain transactions, primarily ceded reinsurance, replacing reinsurance accounting by deposit accounting."

Based on the findings of the review, the company estimated the cumulative impact of the restatement "should not reduce unaudited shareholders' equity of U.S. $1.65 billion reported for June 30, 2005."

Peter Colombo, chairman of the board of directors, commented that Ms. Beale's "extensive professional expertise and broad international experience put her in an ideal position to further develop Converium's franchise as an independent international multi-line reinsurer.

"Together with the new CEO, the Board of Directors pursues the objective to restore Converium's position as a leading reinsurer within the foreseeable future," he said.

Ms. Beale previously worked for the Prudential Assurance Company in London as an underwriter specializing in international reinsurance.

She joined GE Insurance Solutions, formerly Employers Re, in 1992, assuming a number of managerial roles. In 2001, she was promoted to Global Underwriting Leader for GE Insurance Solutions at the global headquarters in Kansas City, USA.

In 2003, the company said, she relocated to Paris, taking responsibility for the property-casualty reinsurance business throughout Continental Europe, the Middle East and Africa. In October 2004, Ms. Beale was named CEO and board chair of the board of management of GE Frankona R?ckversicherungs-AG, Munich.