Converium, the multiline reinsurer, announced it has changed its name and elected a new board of directors to replace its prior board members, all of whom stepped down effective as of an extraordinary general meeting today.
The company name was changed from Converium Holding AG to SCOR Holding (Switzerland) Ltd. The SCOR Group holds 96.32 percent of Converium's share capital and has controlled Converium as the principal shareholder since Aug. 8.
A total of 20 shareholders attended the meeting, held at Converium's headquarters in Zurich, Switzerland. They represented 143.26 million voting shares, or 97.66 percent of share capital, the company said.
Markus Dennler, the departing chairman of the board, in his speech to shareholders said, "With the takeover of Converium by SCOR, a successful Swiss company is losing its independence. Converium is heading to its new owner as a healthy company."
In a copy of the speech on the Converium Web site, Mr. Dennler said the company was attractive to SCOR in the first place because of the "extraordinary performance of the management and hard work of Converium's employees."
He said that after the company's "crisis in the summer of 2004, Converium entered into a difficult phase." But, with "united energies and a motivated team, the company managed to successfully reposition itself in the market."
Mr. Dennler added that the positive turn of events is "also reflected by the fact that we regained the critical A-level rating from Standard & Poor's on Feb. 28, 2007."
At a constituent board meeting in August, the new board members unanimously elected Denis Kessler as the chairman and J?rg Marty as the vice-chairman of the board of SCOR Holding (Switzerland) Ltd. Going forward, the Audit Committee will consist of J?rg Marty and J. Friedrich Sauerl?nder.
The newly elected board will appoint an executive committee within the next few days. The new board members are:
o Denis Kessler, chairman and chief executive officer of SCOR, since November 2002.
o Jean-Luc Besson, chief risk officer of SCOR, since July 2004.
o Victor Peignet CEO, SCOR Global P&C-Worldwide, since July 5, 2005.
o Gilles Meyer, director of Business Unit 1 of SCOR Global Life, since November 2006.
o Georges Chodron de Courcel, head of corporate investment banking at BNP Paribas and non-voting member of the Board of SCOR.
o J?rg Marty, managing director for all common activities of the Swiss Public Building Insurance Companies, CEO of the Intercantonal Union of Reinsurance and CEO of the Swiss Pool for Earthquake Cover.
o J. Friedrich Sauerl?nder, serving as chairman or member of the board of a number of companies and foundations.
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