SOURCE: Converium Holding AG

April 27, 2007 01:11 ET

ISS, Glass Lewis and Ethos recommend approval of all tabled AGM proposals of Converium

ZURICH, SWITZERLAND -- (MARKET WIRE) -- April 27, 2007 --


Zug, Switzerland - April 27, 2007 - Converium welcomes ISS, Glass Lewis and Ethos recommendations of approval of all tabled AGM proposals

Converium welcomes the recommendations of Institutional Shareholder Services (ISS), which has recommended that shareholders approve all seven tabled proposals at the Company's Annual General Meeting (AGM), scheduled for May 10, 2007. All agenda items have been scheduled by Converium.

Amongst the proposals to be voted on at the AGM, ISS recommends approval of a reduction of the par value of Converium's registered shares from CHF 5 to CHF 2.50, with the subsequent payment expected to be made to shareholders by mid-July 2007. ISS acknowledges the potential to return capital to shareholders and better leverage Converium's balance sheet through the issuance of USD 500 million of hybrid debt, as part of the Company's road map aimed at generating a sustainable 14% return on equity by 2009.

ISS further states that none of the voting resolutions at Converium's AGM relate to SCOR's bid.

The recommendation of ISS is in line with those of Glass Lewis & Co., which also endorses all seven tabled AGM proposals. ISS and Glass Lewis are independent providers of proxy voting advice to the international investment community. The leading advisor in Switzerland on sustainable development principles and corporate governance best practice in investment activities, Ethos, Swiss Foundation for Sustainable Development, equally endorses all proposals.

Enquiries

Beat W. Werder                   Marco Circelli
Head of Public Relations         Head of Investor Relations
beat.werder@converium.com        marco.circelli@converium.com
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                inken.ehrich@converium.com
kai-uwe.schanz@converium.com       Phone:      +41 44 639 90 94
Phone:     +41 44 639 90 35        Fax:        +41 44 639 70 94
Fax:       +41 44 639 70 35

For information regarding voting at the AGM, please contact our proxy solicitors, HQB Partners Limited at + 44 (0)20 7621 1351.

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 return on equity and our plans to use capital more efficiently and to return capital to shareholders. 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.

Copyright © Hugin ASA 2007. All rights reserved.

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