Converium’s North American Sale to National Indemnity Completed

Swiss-based Converium AG announced that it has received “all necessary regulatory approvals, and has closed the sale of its North American operations to National Indemnity, a Berkshire Hathaway company.

The deal was announced earlier this year (See IJ web site Oct. 18). National Indemnity paid $95 million in cash and assumed debts of $200 million to acquire Converium’s North American operations.”

Converium’s CEO Inga Beale commented: “With today’s announcement we have achieved finality on our North American operations. The closing of the transaction meets a major condition for a ratings upgrade by Standard & Poor’s.” The reinsurer lost its “A” rating in 2004, following a series of losses and reserve increases.