Converium Appoints Clarke Managing Director

September 10, 2004

The Board of Directors of Swiss-based Converium Holding Ltd. announced that Terry G. Clarke, F.I.A., 62, has been appointed to the position of Managing Director with immediate effect.

Clarke, a British citizen, already serves on the Board. Converium’s announcement said he “will actively support the Chief Executive Officer, Dirk Lohmann, and his management team in running the Company. He will be responsible for enhancing the effectiveness of strategic and operational decision-making,” and will remain a member of the Board of Directors. He could also be next in line to take over the head job, as Lohmann remains uder pressure due to Converium’s recent problems.

Board Chairman Peter C. Colombo, commented: “Converium’s current short-term challenges require a closer collaboration between the Board of Directors and the Global Executive Committee. Going forward, Mr. Clarke’s role will be to provide an interface between the Board and the management team. I am convinced that this move will help Converium to successfully meet the current and future challenges facing the Company.”

Clarke was a consulting actuary with Tillinghast, Towers Perrin and a Principal of Towers Perrin. He joined their London office in 1986 and, immediately prior to his retirement at the end of 2001, was Managing Principal of Tillinghast’s North America practice. Previously, from 1978 until 1986 he was a member of the Norwich Winterthur Group senior management team. Prior to 1978, he held various positions in the Norwich Union Group. Clarke is a Fellow of the Institute of Actuaries and has been co-author of a number of papers on non-life insurance subjects as well as a tutor and examiner. He is a member of a number of professional committees both in the U.K. and in Europe.

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