Converium Appoints Run-off Specialist Dassenko as North American CEO

November 12, 2004

Swiss-based Converium has announced the appointment of Paul E. Dassenko as President and CEO of Converium Reinsurance (North America) Inc. effective November 16, 2004. He succeeds Corcoran Byrne who continues in his role as General Counsel after serving as the President of Converium North America during the interim period following Gary Prestia’s resignation in September 2004.

“Mr. Dassenko will be responsible for developing a strategy for the orderly run-off of Converium Reinsurance (North America) Inc., as well as an operational plan for its effective execution,” said the announcement. “He will report to Converium’s Global CEO, Dirk Lohmann.”

The bulletin noted that Dassenko “is an internationally recognized leader in the field of insurance run-off. Until recently, he served as Chief Operating Officer of Cobalt RunOff Services Limited, the Australia-based market leader in run-off services for the Asia-Pacific region. Prior to the formation of Cobalt, Mr. Dassenko was responsible for the run-off of discontinued operations at GIO Insurance Ltd., following its acquisition in 1999 by AMP Ltd. Based on the profitable turnaround of GIO under Mr. Dassenko’s stewardship as its CEO, AMP formed Cobalt at his recommendation. Mr. Dassenko brings a wealth of additional experience from managing the run-off of the estate of the Transit Casualty Company. He also has been an underwriter at American Re and Swiss Re and a broker at Tretis Reinsurance Intermediaries.”

He holds a B.A. degree from Walla Walla College and a J.D. degree from the McGeorge School of Law, University of the Pacific. He has been a member of the California Bar since 1979.

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