![]() | |
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]
Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to guarantee another party compensation in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to hedge against the risk of a contingent or uncertain loss.
Swiss Reinsurance Company Ltd, commonly known as Swiss Re, is a reinsurance company based in Zurich, Switzerland. It is the world's largest reinsurer, as measured by net premiums written. Swiss Re operates through offices in more than 25 countries and was ranked 118th in Forbes Global 2000 leading companies list in 2016. It was also ranked 313th on the Fortune Global 500 in 2015.
Hannover Re is a reinsurance company based in Hannover, Germany. It is the third-largest reinsurance group in the world, with a gross premium of around €27 billion. Founded in 1966, Hannover Re transacts all lines of property & casualty and life & health reinsurance and has a network of over 170 subsidiaries, branches and representative offices on all five continents with a total staff of more than 3,000. The Group's German business is written by the subsidiary E+S Rück.
Chubb Limited is an American company incorporated in Zürich, Switzerland. It is the parent company of Chubb, a global provider of insurance products covering property and casualty, accident and health, reinsurance, and life insurance and the largest publicly traded property and casualty company in the world. Chubb operates in 55 countries and territories and in the Lloyd's insurance market in London. Clients of Chubb consist of multinational corporations and local businesses, individuals, and insurers seeking reinsurance coverage. Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance.
Liberty Mutual Group is an American diversified global insurer and the sixth-largest property and casualty insurer in the United States. It ranks 71st on the Fortune 100 list of largest corporations in the United States based on 2020 revenue. Based in Boston, Massachusetts, and featuring the Statue of Liberty on its logo, it employs over 45,000 people in more than 900 locations throughout the world. As of December 31, 2021, Liberty Mutual Insurance had $156.043 billion in consolidated assets, $128.195 billion in consolidated liabilities and $48.2 billion in annual consolidated revenue.
General insurance or non-life insurance policy, including automobile and homeowners policies, provide payments depending on the loss from a particular financial event. General insurance is typically defined as any insurance that is not determined to be life insurance. It is called property and casualty insurance in the United States and Canada and non-life insurance in Continental Europe.
Markel Corporation is a holding company for insurance, reinsurance, and investment operations around the world. Headquartered in Richmond, Virginia and founded in 1930, Markel reports its ongoing underwriting operations in three segments, and products originate from three insurance divisions and one reinsurance division. Through Markel Ventures, they allocate capital to invest in opportunities outside of insurance.
Tokio Marine HCC is an international specialty insurance group with offices across the United States, the United Kingdom, Spain, and Ireland. The company is based in Houston, Texas, U.S.A. but has major offices in Atlanta, Barcelona, Boston, Chicago, Dallas, Detroit, Farmington (CT), Frederick (MD), Ireland, Leicester (UK), London, Los Angeles, Madrid, Mount Kisco (NY), and New York City.
SCOR SE is a French tier 1 reinsurance company providing Property and Casualty (P&C) and Life reinsurance solutions to its clients. It is one of the leading reinsurers in the world. Created in 1970 with the backing of the French government, its original name was Société Commerciale de Réassurance, hence "SCOR". The SE acronym indicates that the company is a Societas Europaea. In 2007, it became the first French listed company to use the SE acronym in its name.
Assicurazioni Generali S.p.A. or simply Generali Group is an Italian insurance company based in Trieste. As of 2019, it is the largest of its kind in Italy and among the top ten largest insurance companies in the world by net premiums and assets.
Bond insurance, also known as "financial guaranty insurance", is a type of insurance whereby an insurance company guarantees scheduled payments of interest and principal on a bond or other security in the event of a payment default by the issuer of the bond or security. It is a form of "credit enhancement" that generally results in the rating of the insured security being the higher of (i) the claims-paying rating of the insurer or (ii) the rating the bond would have without insurance.
Bâloise Holding AG is a Swiss insurance holding company headquartered in Basel. The company employs approximately 9,000 employees across Europe and is the third-largest Swiss all-industry insurance service provider for individuals and businesses.
Allianz is a German multinational financial services company headquartered in Munich, Germany. Its core businesses are insurance and asset management.
Insurance-linked securities (ILS) are broadly defined as financial instruments whose values are driven by insurance loss events. Those such instruments that are linked to property losses due to natural catastrophes represent a unique asset class, the return from which is uncorrelated with that of the general financial market.
HDFC Life Insurance Company Ltd. is a long-term life insurance provider with its headquarters in Mumbai, offering individual and group insurance services and incorporated on 14 August 2000.
AXIS Capital Holdings Limited is the holding company for AXIS group of companies. It offers various risk transfer products and services through subsidiaries and branch networks in Bermuda, the United States, Canada, Europe and Singapore. The company offers insurance services including property, professional lines, terrorism, marine, energy, environmental and other insurance. The reinsurance services include property, professional lines, credit and bond, and others.
Argo Group International Holdings, Ltd, or Argo Group, is a Bermuda-based international underwriter of specialty insurance products in the property and casualty market. Argo Group and its insurance subsidiaries are rated "A−" by Standard & Poor's. Argo's insurance subsidiaries are rated "A−" by AM Best. In 2017, the San Antonio Express News wrote that "The company has made more than $1 billion in profit over the last decade as a mid-sized player in a niche field insuring complex or hard-to-price risks other insurers won’t touch." Argo was listed on the New York Stock Exchange in May 2018.
State National Companies, Inc., is a specialty provider of property and casualty insurance operating in two niche markets, Program Services and Lender Services. The company is licensed to do business in all 50 states and D.C.
Talanx is a German multinational financial services company headquartered in Hanover, Germany. Its core businesses are reinsurance, insurance and asset management. Talanx is Germany's third-largest and one of the major European insurance Groups by premium income. The Group is headquartered in Hannover, Germany and is active in more than 150 countries. The Talanx Group operates as a multi-brand provider with a focus on B2B insurance. As of 2016, it was a constituent of the MDAX trading index of German mid-cap companies. In September 2018 it was shifted from MDAX to SDAX.
VHV Group is a German insurance and reinsurance company based in Hanover, specialising in provision non-life and life insurance as well. Its core businesses are all insurance services. Today VHV Group operates primarily in Europe, Middle East and East Asia and especially in Germany, Switzerland, Italy, France, Austria and Turkey. VHV is one of the twenty most important insurance companies in Germany, the leading German insurance company in the construction sector and one of the five major car insurance companies in Germany. Moreover, the VHV Group is the leading risk life insurer in Germany. VHV Group owns a network of subsidiaries, branches and representative offices with a total staff of roughly 3,600, including 2,400 employees in Hanover. Due to the earning power of the VHV-Group and its capitalization level Standard and Poor's raised the rating on A+ Level in April 2017. In 2016 the VHV was able to expand its contractual figures to over 10 million insurance contracts for the first time.