30Aug07

Press release

Group

The Extraordinary General Meeting of Converium nominates a new Board of Directors and creates SCOR Switzerland AG

The Extraordinary General Meeting of Converium Holding AG was held in Zurich on 30 August 2007 at 14:00. All of the resolutions were approved.

The Extraordinary General Meeting of Converium Holding AG was held in Zurich on 30 August 2007 at 14:00.  All of the resolutions were approved.
 
Converium Holding AG will henceforth be known as “SCOR Holding Switzerland AG”.  A new Board of Directors has been nominated, comprising Denis Kessler, Georges Chodron de Courcel, Jürg Marty, Dr. J. Friedrich Sauerländer, Jean-Luc Besson, Gilles Meyer and Victor Peignet.  Denis Kessler was elected Chairman during the new Board’s first meeting.  
 
This General Meeting represents a major step in the integration of Converium into SCOR, with a view to creating a Top 5 global multi-line reinsurer.  The “Dynamic Lift” plan, which will be published on Monday 3 September, will present the layout of the new Group, along with its integrated organisational structure, the principles of its underwriting policy and its profitability targets.  Financial and accounting integration will take place from the Third Quarter of 2007.  The 2008 underwriting plan will be presented by a unified team during the Rendez-Vous de Septembre in Monte Carlo. 
 
Denis Kessler, Chairman & Chief Executive Officer of SCOR, said: 
 
I would like to thank the Chairman of the Board and the Converium directors for ensuring that this transition has been achieved in a spirit of responsibility and openness.  The friendly agreement reached between us has been put into action and we are delighted that the offer proposed to shareholders was accepted almost unanimously.  The conditions are now in place for us to proceed with our ambitious and value-creating industrial project, which will be facilitated by the high calibre, expertise and skills of the managers and staff of the company joining us.

Contact

Marie-Laurence Bouchon

Group Head of Communications

+33 (0)1 58 44 75 43

mbouchon@scor.com

 

Ian Kelly

Head of Investor Relations

+44 203 207 8561

ikelly@scor.com