The Swiss-based reinsurer Converium announced that its Board of Directors has appointed Terry G. Clarke as Chief Executive Officer of the Group with immediate effect. He succeeds Dirk Lohmann, who weathered Converium’s “perfect storm” – increased reserves, ratings downgrades and a $420 million capital increase – which saw it lose almost half its business.
Peter C. Colombo, the Chairman of the Board of Directors, stated that “the Board believes that a management change is necessary to bring about a long-term cultural transformation and restore stakeholder confidence in the Company”.
Clarke has been a member of Converium’s Board since 2002 and was appointed Managing Director in September 2004. The bulletin noted that “from which date he actively assisted his predecessor Dirk Lohmann and the members of the Global Executive Committee to improve the communication to the Board and the decision-making process.”
Clarke commented: “The focus is on rebuilding the long-term value of Converium’s franchise and the creation of a leaner structure.” He will continue to be a member of the Board of Directors of Converium. The announcement said “his presence in both the supervisory and management boards is expected to continue to improve the lines of communication with operational management and assure effective corporate governance going forward.”
Clarke has extensive management and actuarial experience in the insurance industry. Prior to joining Converium he was the Managing Principal for the North American practice of Tillinghast-Towers Perrin. Before joining Tillinghast he was a member of senior management of the U.K.’s Norwich Winterthur Group. He is a Fellow of the Institute of Actuaries.
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