Converium today announces the appointment of Terry G. Clarke to the position of Managing Director of Converium Holding Ltd.

Friday, 10. September 2004 07:00

The Board of Directors of Converium Holding Ltd today announces the
appointment, with immediate effect, of its member Terry G. Clarke,
F.I.A., age 62, to the position of Managing Director. Mr Clarke, a
British citizen, will actively support the Chief Executive Officer,
Dirk Lohmann, and his management team in running the Company. He will
be responsible for enhancing the effectiveness of strategic and
operational decision-making. Mr Clarke will continue to be a member
of the Board of Directors.

Peter C. Colombo, Chairman of the Board of Directors, stated:
"Converium's current short-term challenges require a closer
collaboration between the Board of Directors and the Global Executive
Committee. Going forward, Mr Clarke's role will be to provide an
interface between the Board and the management team. I am convinced
that this move will help Converium to successfully meet the current
and future challenges facing the Company."

Terry G. Clarke was a consulting actuary with Tillinghast, Towers
Perrin and a Principal of Towers Perrin. He joined their London
office in 1986 and, immediately prior to his retirement at the end of
2001, was Managing Principal of Tillinghast's North America practice.
Previously, from 1978 until 1986 Mr Clarke was a member of the
Norwich Winterthur Group senior management team. Prior to 1978, he
held various positions in the Norwich Union Group. Mr Clarke is a
Fellow of the Institute of Actuaries and has been co-author of a
number of papers on non-life insurance subjects as well as a tutor
and examiner. He is a member of a number of professional committees
both in the U.K. and in Europe.

* * * * * * *

Dr Kai-Uwe Schanz Zuzana Drozd
Chief Communication Officer Head of Investor Relations

Phone: +41 (0) 1 639 90 35 Phone: +41 (0) 1 639 91
Fax: +41 (0) 1 639 70 20
35 Fax: +41 (0) 1 639 71

About Converium

Converium is an independent leading global multi-line reinsurer known
for its innovation, professionalism and service. Today Converium
ranks among the top ten professional reinsurers and employs
approximately 850 people in 23 offices around the globe. Converium
is organized into three business segments: Standard Property &
Casualty Reinsurance, Specialty Lines and Life & Health Reinsurance.
Converium's net losses for the September 11, 2001 terrorist attacks
in the United States are capped at US$ 289.2 million by its former
parent, Zurich Financial Services. Converium has minimal A&E
exposures. Converium has an "A -" rating (watch negative) from
Standard & Poor's and a "B++" (outlook negative) rating from A.M.
Best Company.

Important Disclaimer

This document contains forward-looking statements as defined in the
U.S. Private Securities Litigation Reform Act of 1995. It contains
forward-looking statements and information relating to the Company's
financial condition, results of operations, business, strategy and
plans, based on currently available information. These statements
are often, but not always, made through the use of words or phrases
such as 'expects', 'should continue', 'believes', 'anticipates',
'estimates' and 'intends'. The specific forward-looking statements
cover, among other matters, the reinsurance market, the outcome of
insurance regulatory reviews, the Company's operating results, the
rating environment and the prospect for improving results, the amount
of capital required and impact of its capital improvement measures,
including the restructuring of our U.S. business and its reserve
position. Such statements are inherently subject to certain risks and
uncertainties. Actual future results and trends could differ
materially from those set forth in such statements due to various
factors. Such factors include general economic conditions, including
in particular economic conditions; the frequency, severity and
development of insured loss events arising out of catastrophes, as
well as man-made disasters; the outcome of our regular quarterly
reserve review, our ability to raise capital and the success of our
capital improvement measures, the ability to obtain applicable
regulatory approval for our capital improvement measures, the ability
to exclude and to reinsure the risk of loss from terrorism;
fluctuations in interest rates; returns on and fluctuations in the
value of fixed income investments, equity investments and properties;
fluctuations in foreign currency exchange rates; rating agency
actions; changes in laws and regulations and general competitive
factors, and other risks and uncertainties, including those detailed
in the Company's filings with the U.S. Securities and Exchange
Commission and the SWX Swiss Exchange. The Company does not assume
any obligation to update any forward-looking statements, whether as a
result of new information, future events or otherwise.

Please note that the company has made it a policy not to provide any
quarterly or annual earnings guidance and it will not update any past
outlook for full year earnings. It will however provide investors
with perspective on its value drivers, its strategic initiatives and
those factors critical to understanding its business and operating
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