Converium Holding Ltd. said it is making significant changes to its board of directors, including replacing its chairman, Peter Colombo.
As he indicated last year, Mr. Colombo will step down at the upcoming Annual General Meeting, according to the Zug, Switzerland-based reinsurer.
A Moody's spokesman said the ratings agency declined to comment because there are no obvious credit implications to draw from the board appointments.
Converium noted that vice chairman Georg Mehl, as well as board members George G.C. Parker and Anton K. Schnyder, will not be standing for re-election when their term expires at the 2006 meeting on April 11.
Also at the meeting, the board will propose to Converium shareholders the election of Lennart Blecher, Detlev Bremkamp and Harald Wiedmann to the board.
Mr. Colombo commented that the actions follow the appointment of CEO Inga Beale, as of Feb. 1.
The changes announced “are in line with my statement made at the 2005 Annual General Meeting that the rejuvenation of the board is an important goal,” he said. “Following a thorough and successful search, the board of directors has now delivered on this promise.”
Converium said Mr. Blecher is an expert in finance and banking; Mr. Bremkamp has in-depth knowledge of the global insurance industry; and Mr. Wiedmann is an audit professional, “well known in the insurance industry.”
Converium's actions are part of an ongoing effort to restore it's ratings after being downgraded by the agencies in 2004. Part of the process for Converium was to stop writing difficult lines in the United States, such as workers' compensation.
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