SOURCE: Converium Holding AG

July 10, 2007 02:39 ET

Converium notes SCOR offer for all Converium share capital well on track; SCOR now owns 86.07% of Converium

ZURICH, SWITZERLAND--(Marketwire - July 10, 2007) -

Converium notes SCOR offer for all Converium share capital well on track with 53.13% of shares tendered after preliminary offer; SCOR now owns 86.07% of Converium

Converium notes the provisional preliminary offer results of SCOR's public offer for Converium Holding AG's publicly held shares, which opened on June 12, 2007 and closed on July 9, 2007.

According to a public statement by SCOR, as of July 10, 2007, 77,937,316 shares of Converium Holding AG have been tendered to the Offer. Together with the 48,320,350 Converium shares already owned by the SCOR Group, SCOR provisionally holds an aggregate of 86.07% of Converium's share capital.

Converium welcomes the fact that the offer for all of Converium's share capital is progressing according to expectations. By securing more than 86% of Converium's share capital, the offer has passed a very important milestone in the integration between the two businesses aimed at creating the fifth global multi-line reinsurer.

Converium shareholders can still accept the offer during the additional acceptance period which will open on July 13, 2007 and will be closed on July 26, 2007 at 4:00 p.m CET. Subject to the conditions subsequently set forth in the Offer prospectus published on April 5, 2007, as amended on June 12, 2007, the settlement and delivery of the Offer will take place on August 8, 2007.

On May 10, 2007, Converium's Board of Directors unanimously recommended that shareholders accept the offer from SCOR. SCOR offers for each tendered Converium share 0.5 new SCOR share, CHF 5.50 in cash, and an amount of EUR 0.40 in cash, equal to 50 % of the amount of the dividend paid per SCOR share for the business year 2006, to be converted to CHF at the exchange rate EUR/CHF applicable on the day preceding the settlement of the offer. Based on the closing price of SCOR shares on Euronext Paris on July 9, 2007, the offer price values each Converium share at CHF 22.80.

For purposes of these calculations, the following currency exchange rate has been applied (closing price of July 9, 2007): EUR 1 = CHF 1.658.


Beat W. Werder                     Marco Circelli
Head of Public Relations           Head of Investor Relations
Phone:   +41 44 639 90 22          Phone:  +41 44 639 91 31
Fax:     +41 44 639 70 22          Fax:    +41 44 639 71 31

Dr. Kai-Uwe Schanz                 Inken Ehrich
Chief Communication & Corporate    Investor Relations Specialist
Development Officer             Phone:  +41 44 639 90 94
Phone:   +41 44 639 90 35          Fax:    +41 44 639 70 94
Fax:     +41 44 639 70 35
About Converium

Converium is an independent international multi-line reinsurer known for its innovation, professionalism and service. Today Converium employs about 500 people in 15 offices around the globe and is organized into three business segments: Standard Property & Casualty Reinsurance, Specialty Lines and Life & Health Reinsurance. Converium has an "A-" ("strong") financial strength rating (outlook stable) from Standard & Poor's and a "B++" financial strength rating (outlook positive) from A.M. Best Company.

Important Disclaimers

This document contains forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. It contains forward-looking statements and information relating to the Company's financial condition, results of operations, business, strategy and plans, based on currently available information. These statements are often, but not always, made through the use of words or phrases such as 'seek to', 'expects', 'aims' 'should continue', 'believes', 'anticipates', 'estimates' and 'intends'. The specific forward-looking statements cover, among other matters, the Company's strategy and management objectives, our growth prospects and our ability to ensure a smooth transition of our business with that of SCOR. Such statements are inherently subject to certain risks and uncertainties. Actual future results and trends could differ materially from those set forth in such statements due to various factors. Such factors include whether we are able to secure an upgrade of our financial strength ratings; our ability to refinance our outstanding indebtedness and increase our use of hybrid capital; uncertainties of assumptions used in our reserving process; risk associated with implementing our business strategies and our capital improvement measures; cyclicality of the reinsurance industry; the occurrence of natural and man-made catastrophic events with a frequency or severity exceeding our estimates; acts of terrorism and acts of war; changes in economic conditions, including interest and currency rate conditions that could affect our investment portfolio; actions of competitors, including industry consolidation and development of competing financial products; a decrease in the level of demand for our reinsurance or increased competition in our industries or markets; our ability to expand into emerging markets; our ability to enter into strategic investment partnerships; a loss of our key employees or executive officers without suitable replacements being recruited within a suitable period of time; our ability to address material weaknesses we have identified in our internal control environment; political risks in the countries in which we operate or in which we reinsure risks; the passage of additional legislation or the promulgation of new regulation in a jurisdiction in which we or our clients operate or where our subsidiaries are organized; the effect on us and the insurance industry as a result of the investigations being carried out by the US Securities and Exchange Commission, New York's Attorney General and other governmental authorities; our ability to regain past customers following any rating upgrades and the resolution of the investigations being carried out by the US Securities and Exchange Commission, New York's Attorney General and other governmental authorities; changes in our investment results due to the changed composition of our invested assets or changes in our investment policy; failure of our retrocessional reinsurers to honor their obligations or changes in the credit worthiness of our reinsurers; our failure to prevail in any current or future arbitration or litigation; and extraordinary events affecting our clients, such as bankruptcies and liquidations, and other risks and uncertainties, including those detailed in the Company's filings with the U.S. Securities and Exchange Commission (including, but not limited to, our Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission) and the SWX Swiss Exchange. The Company does not assume any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

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