 | |
| Industry | reinsurance |
|---|---|
| Founded | 1995 |
| Defunct | 2007 |
| Fate | acquired by SCOR SE |
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. [1] The company strived to create a uniform operational and organizational model in its multi-national global offices. [2]
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. [1]
The company maintained an alliance with the Medical Defence Union to support their business concerns. [1]
The company suffered a series of downgrades in 2004, despite good business performance. [3] The company lashed out at ratings agencies saying that the downgrades "harmed our franchise". [4]
In 2007 the company was purchased by Scor. In February 2007, Converium became the target of a hostile takeover. 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. [5] [6]
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