Shake-Up in Converium’s Board

The Board of Directors of Zurich-based Converium Holding Ltd. will undergo significant changes, an announcement from the company indicated. “Chairman Peter Colombo will step down at the coming Annual General Meeting [AGM] as he indicated at last year’s Annual General Meeting. Vice Chairman Georg Mehl as well as Board members George G.C. Parker and Anton K. Schnyder will not be standing for re-election when their term expires at the 2006 Annual General Meeting.”

Converium’s AGM is scheduled to be held on April 11. The bulletin said the Board would propose that Converium’s shareholders elect Lennart Blecher, Detlev Bremkamp and Harald Wiedmann as new members of the Board.

“The changes announced today are in line with my statement made at the 2005 Annual General Meeting that the rejuvenation of the Board is an important goal. Following a thorough and successful search the Board of Directors has now delivered on this promise,” Colombo commented. “It is the next logical step, now that the Board has successfully resolved the CEO succession by appointing Inga Beale as of February 1, 2006.”

Blecher, 50, is an expert in finance and banking. He previously held a high post with ABB and currently serves in a senior management role at HypoVereinsbank in Munich. Bremkamp, 61, has been with Germany’s Allianz Group for more than 40 years, for the last 15 years until his retirement in December 2005 as a member of the Group’s Management Board. Wiedmann, 60, is an audit professional who is well known in the insurance industry. Until the end of 2005, he was CEO of KPMG Deutsche Treuhand-Gesellschaft AG and Chairman of KPMG Europe, Middle East and Africa.