Converium Notes Large Shareholdings

Swiss-based reinsurer Converium Holding Ltd. has issued a statement giving the percentages of its shares that are currently held in investment funds managed by the government of Singapore, Putnam Investment management, LLC. Fidelity International Limited Wellington Management Company.

“Government of Singapore, Investment Corporation Pte Ltd (GIC), 168 Robinson Road #37-01, in Singapore 068912, has acquired 2,077,570 registered shares in Converium Holding Ltd, Zug,” said the bulletin. “This corresponds to 5.19% of Converium’s registered shares. These shares are held and managed in various funds. None of these funds is holding shares in an amount, which exceeds 5% of Converium’s registered share capital, and the shares are held for investment purposes.”

The announcement noted that Putnam had recently decreased some of its holdings in Converium from 5.112% to 4.928%. “Following receipt of notice from Putnam,” it continued, “we furthermore inform you that Putnam Investment Management, LLC, and The Putnam Advisory Company, LLC (“Putnam”), one Post Office Square, Boston MA 02109, has changed its stake in Converium Holding Ltd registered shares in 2003 as follows:
— Purchase of 2,029,788 registered shares or 5.074% of Converium Holding Ltd registered shares on January 28, 2003
— Decrease from 2,029,788 to 1,925,647 registered shares or from 5.074% to 4.814% of Converium Holding Ltd registered shares on April 8, 2003
— Increase from 1,925,647 to 2,044,965 registered shares or from 4.814% to 5.112% of Converium Holding Ltd registered shares on April 23, 2003.
— Decrease from 2,044,965 to 1,971,410 registered shares or from 5.112% to 4.928% of Converium Holding Ltd registered shares on April 25, 2003.
These shares are held and managed in various funds. None of these funds is holding shares in an amount, which exceeds 5% of Converium’s registered share capital, and the shares are held for investment purposes.”

Converium made the announcement in accordance with notification requirements as set by the SWX Swiss Exchange. In addition to Singapore’s and Putnam’s interest it noted that Fidelity International Limited of Hamilton, Bermuda holds a 9.87% share (date of notification April 28, 2003) and Wellington Management Company, LLP of Boston, Massachusetts holds a 7.68% share (date of notification January 11, 2002.)

The announcement explained that “Fidelity is an investment advisor, which provides investment advisory and management services to a number of non-U.S. investment companies or instrument trusts and certain institutional investors. Wellington is an investment advisor and portfolio manager having voting authority for 47 investment advisory clients, none of which has an individual shareholding in excess of 5%.”