Converium announced from its headquarters in Zug, Switzerland that Terry G. Clarke will step down from its Board of Directors.
Clarke took over from Dirk Lohmann as Converium’s CEO last year (See IJ Website Feb. 24, 2005), following the reinsurer’s “perfect storm” – increased reserves, ratings downgrades and a $420 million capital increase – which saw it lose almost half its business.
Commenting on Clarke’s decision, Chairman Peter Colombo commented stated: “On behalf of my Board colleagues I would like to thank Terry for his contribution to Converium following the establishment of the Company in 2001. We are particularly grateful for Terry’s taking over as Managing Director in September 2004 and Chief Executive Officer in February 2005. In these roles, he was instrumental in stabilizing Converium after the turbulence in 2004.”
Clarke added: “With Inga Beale taking over as new Chief Executive Officer, I consider my mission completed and in order to contribute to the rejuvenation of the Board of Directors, I have decided to step down.”
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