AccessMyLibrary provides FREE access to over 30 million articles from top publications available through your library.
Create a link to this page
Copy and paste this link tag into your Web page or blog:
Converium review sparks reserves cash call.
(From Lloyds List)
Byline: Herbert Fromme in Cologne
SWISS reinsurer Converium will have to increase its US reserves by a further $50m to $100m following a review conducted by independent actuaries and consultants Tillinghast.
The additional reserve needs come in addition to the $385m Converium had to spend in the second quarter to close a shortfall discovered by the company itself.
Converium shares lost 11% yesterday, falling to SFr25.45 in late afternoon trading. Since its year-high on February 16, the shares have lost 66% of their value.
Chief executive Dirk Lohmann also announced that it will seek $420m of fresh money from shareholders in a rights issue, more than the $250m to $400m forecast in July. Details will be released before an extraordinary general meeting to take place in late September.
...
- Converium and SCOR creating together a Top 5 reinsurer Conference Call - Part 1.
- News wire article from: The America's Intelligence Wire February 26, 2007 700+ words
...gentlemen and welcome to today's SCOR and Converium creating together a top five reinsurer...and very honored today to present to Converium's shareholders this offer considered...approved a potential combination with Converium and they've authorized me to finalize...
- Converium comments on Standard & Poor's rating decision and announces the...
- News wire article from: Europe Intelligence Wire September 10, 2004 700+ words
...Zug, Switzerland - September 10, 2004 Converium to consider changes to its global business plan Converium is disappointed with Standard &...Company's ratings to BBB from A-. Converium, however, will make all efforts to maintain...
- Converium Holding Ltd, Zug.
- News wire article from: Europe Intelligence Wire September 10, 2004 700+ words
...Zug, Schweiz - 10. September 2004 Converium pruft Anderungen des globalen Business-Plans Converium ist enttauscht uber die Entscheidung von...von "A-" auf "BBB" herabzustufen. Converium wird jedoch alles daran setzen, um ihre...
- Converium and SCOR creating together a Top 5 reinsurer Conference Call - Final.
- News wire article from: Fair Disclosure Wire February 26, 2007 700+ words
...gentlemen and welcome to today's SCOR and Converium creating together a top five reinsurer...and very honored today to present to Converium's shareholders this offer considered...approved a potential combination with Converium and they've authorized me to finalize...
- Converium says insufficient risk transferred.(Converium Holding Ltd.)
- Magazine article from: Business Insurance Veysey, Sarah March 6, 2006 700+ words
...restatement of results for several years, Converium Holding Ltd. acknowledged that...risk transfer. In one such deal, Converium said that Zurich Reinsurance (North...America) Inc.-which later became Converium's now-defunct U.S. reinsurance...
- Converium today informs on the external reserve review and resulting capital...
- News wire article from: Europe Intelligence Wire August 31, 2004 700+ words
(From Hugin) Converium Holding Ltd - Zug, Switzerland - August...distribution in the United States) * Converium's Board of Directors has approved...conducted by Tillinghast confirms that Converium's net reserves as of June 30, 2004...
- Converium Holding Ltd. Details On Additional Provisions Due in 4th Quarter 2002...
- Press release article from: Business Wire November 19, 2002 700+ words
...BUSINESS WIRE)--Nov. 19, 2002 Converium Group, one of the world's leading...prior years' liability lines written by Converium North America in 1997 to 2000 to be recorded...announced on October 28th, 2002 in Converium Group's press release on its third...
- Converium restatements leave questions lingering; Potential for regulator,...
- Magazine article from: Business Insurance VEYSEY, SARAH March 6, 2006 700+ words
...Byline: SARAH VEYSEY ZUG, Switzerland-Converium Holding Ltd.'s restatement last week...analysts say. Zug, Switzerland-based Converium on Feb. 28 announced that it was restating...transactions-both assumed and ceded-that Converium determined did not include sufficient...
- Converium berichtet heute uber die Ergebnisse der externen Uberprufung ihrer...
- News wire article from: Europe Intelligence Wire August 31, 2004 700+ words
(From Hugin) Converium Holding AG - Zug, Schweiz - 31. August...bestimmt) * Der Verwaltungsrat von Converium hat einen Antrag verabschiedet, der...dass die Netto-Ruckstellungen von Converium fur die analysierten Bereiche per 30...
- Converium committed to raising capital.
- News wire article from: Europe Intelligence Wire September 27, 2004 700+ words
...s indicating its intention to upgrade Converium to a BBB+ financial strength rating...a US$ 420 million capital increase, Converium's Board of Directors reaffirms its...raising additional capital is based on Converium's strong non-US franchise, the continuing...