Converium is a leading global professional reinsurer whose business operations are recognized for innovation, professionalism and service. The company ranks among the top ten professional reinsurers with US$ 3,827 million in net reinsurance premiums written in 2003 and employs more than 800 people in 22 offices across the globe. 
The services are provided through Standard Property & Casualty Reinsurance, Specialty Lines and Life & Health Reinsurance, and a worldwide network of locally operating units.
Converium is rated "A" by Standard & Poor's, "A" by A.M. Best and "A2" by Moody's.
The Converium Group is led by Converium Holding Ltd, Zug, Switzerland, a Swiss corporation. Converium's shares are listed on the SWX Swiss Exchange under the trading symbol CHRN and the New York Stock Exchange (trading symbol CHR 

Converium recorded a very successful April 1 renewal of open-market non-life treaties. The Company wrote and bound non-life contracts of USD 142 million, an increase of 35%. New and restructured business amounts to USD 52 million, while increases due to share or price increases resulted in a growth of USD 8 million. Business of USD 23 million was not renewed as it did not meet Converium's profitability standards. 

This excellent result reflects Converium's success in regaining business and establishing new client relationships following the recent ratings upgrade by Standard & Poor's to "A-" ("strong"). The April 1 renewals primarily included business written in Asia-Pacific. Compared with last year the profitability of the renewed business has slightly improved even though overall market conditions have continued to soften. As anticipated, Converium has clearly benefited from access to more attractive business as a result of the ratings upgrade.

In addition to the open-market business, Converium agreed on the pricing for the medical malpractice insurance policies of the members of the Medical Defence Union (MDU) in the UK with whom the Company has a long-standing strategic alliance. Business from this key relationship is expected to reach USD 198 million in 2007. This brings the total of renewed business to USD 340 million, an increase of 25% compared with last year's April renewals. Overall, the April renewals account for roughly 15% of Converium's business that is expected to reach USD 2.2 billion in 2007.

Inga Beale, Chief Executive Officer: "I am very pleased with the April 1 renewals. The great results demonstrate that we deliver on our promises: Converium has taken a powerful first step towards restoring its market position and improving profitability following the ratings upgrade." 

Inga Beale continued: "We believe that the renewals are an unequivocal indication of our clients' desire to maintain and rebuild strong business relationships with Converium as a stand-alone entity. We are very encouraged by our clients' support."
Standard Property & Casualty Reinsurance: Dynamic expansion in Asia-Pacific and Latin America
In Asia-Pacific, Converium wrote and bound non-life business of USD 57 million, an increase of 15%. In the Japanese market, which accounts for two thirds of the renewed Asia-Pacific book of business, premium volume grew by 12%. This success was achieved despite a softening pricing environment and a continuing trend towards increasing retentions among direct insurers. In India, the Company's book of business almost doubled through the establishment of new client relationships in a very dynamic market environment. Converium's Latin American business also recorded strong growth of 21%, with USD 14 million written and bound. In the Middle East, Converium grew by 38%. Finally, in North America, Converium managed to win smaller property books of business.
Köbi Eugster, Executive Vice President for Standard Property & Casualty Reinsurance, comments: "These strong results clearly demonstrate how successful we are in restoring and expanding our position in the emerging insurance markets, one of Converium's core strategic areas." 
Specialty Lines: Strong recovery following ratings upgrade and new business from Brazilian deal
In global Specialty Lines, another core area for Converium, the Company wrote and bound business of USD 52 million, an increase of 70% compared to last year's April renewals. Business expansion was particularly pronounced in the agribusiness and credit & surety lines of business, with increases of 305% (from USD 3 to 13 million) and 212% (from 3 to 8 million), respectively. The strong growth in agribusiness reflects Converium's success in further expanding an innovative insurance program in the Brazilian market targeted at local farmers and landowners. 

The excellent renewal results in Standard Property & Casualty and Specialty Lines are testament to the Company's strong franchise which was successfully maintained after the downgrades in 2004 and now, as anticipated, proves to be a promising basis for significant profitable growth going forward.

Benjamin Gentsch, Executive Vice President for Specialty Lines and Life & Health Reinsurance: "I am very pleased with this year's April renewals. We have taken a first important step towards returning Converium to a leading specialty reinsurer."

Reiteration of overall premium target for 2007

Following the results of the April renewals, Converium reiterates its expectation of writing gross premiums for the 2007 calendar year of USD 2.2 billion, including Life & Health business. The Company also re-affirms its commitment to adhere to strict underwriting standards in order to achieve its core target of growing the book of business at an improved profitability
Converium urges shareholders to reject SCOR offer - hostile approach could result in loss of business of up to USD 800 million
Zug, Switzerland - April 13, 2007 - News release
Converium today, after close of trading, will issue its official Board report in accordance with article 29 (1) of the Federal Act on Stock Exchanges and Securities Trading to the tender offer published last week by its competitor SCOR S.A. for the registered shares in Converium held by the public. Tomorrow, such official Board report will be published in Neue Zürcher Zeitung and Le Temps. 
Converium's Board of Directors urges its shareholders to reject SCOR's offer, believing it to fundamentally undervalue the Company's franchise and growth prospects. In addition, the Board of Directors anticipates significant business, integration and execution risks arising from the hostility of SCOR's offer. The hostile nature of the bid threatens to destroy value for Converium's stakeholders and to undermine the stability of SCOR's shares, the bulk of its acquisition currency.
Markus Dennler, Chairman of Converium's Board of Directors, comments: "After careful consideration of SCOR's offer, we urge our shareholders to place their confidence in our management's detailed and credible plan for sustainable future value creation." Mr. Dennler continued: "Our standalone forecasts for shareholder returns outstrip SCOR's for the combined business, reflecting our operational strength and potential for profitable growth in the wake of our recent rating upgrade from Standard & Poor's. SCOR wants to deliver that potential to its own shareholders, offering in exchange a volatile share currency which could see further devaluation from the risks inherent in the transaction. To put it simply, our shareholders stand to score more by sticking with Converium."

Converium upgraded to "A-" by Standard & Poor's
News release
Converium Holding Ltd, Zug
Zug, Switzerland - March 1, 2007 - Converium upgraded to "A-" by Standard & Poor's.
Converium announces that Standard & Poor's has raised the Company's long-term financial strength rating to "A-" ("strong") with a stable outlook. According to Standard & Poor's the ratings decision reflects the Group's strengthened management team and sound infrastructure, strong competitive position, and strong capitalization.
Markus Dennler, Chairman of Converium's Board of Directors, commented: "The restoration of our A-rating marks the full completion of Converium's turnaround. We thank our shareholders, clients and employees for their support and loyalty throughout challenging times in which Converium was able to demonstrate a uniquely strong and intact client franchise." 
Inga Beale, CEO of Converium, added: "Based on our strong 2006 financial results and our robust franchise, we are now well positioned to capture growth opportunities arising from the upgrade throughout 2007, whilst strictly maintaining our focus on underwriting discipline. Converium has seen a strong support from existing clients during the important January 1, 2007 renewals. We will do everything to ensure that our clients' trust will continue to be rewarded." 

Annual Results 2006 and Strategy Update
Zug, Switzerland - February 28, 2007 - Converium reports 2006 income from continuing operations of USD 215 million, net income of USD 57 million and presents its value-focused medium-term strategy.
Converium today presents its road map to generate a sustainable return on equity of 14% by 2009. The key elements of Converium's medium-term value creation strategy are: growing business volume to USD 3 billion by 2009, whilst reducing the combined ratio to 96%; boosting capital efficiency by seeking shareholder approval to return USD 300 million to shareholders through the use of hybrid capital; increasing returns on investment and further improving cost-efficiency of operations. 
Converium's value creation strategy is supported by a strong financial performance in 2006, with the following highlights:
USD 215.0 million income from continuing operations 
USD 57.1 million net income, including the negative impact from discontinued operations, net of tax of USD 157.9 million
USD 1,980.9 million gross premiums written
96.3% non-life combined ratio
USD 1,846.0 million shareholders' equity
CHF 0.20 per share proposed dividend for 2006
Inga Beale, CEO, commented: "I am very pleased with our strong financial results for 2006. Based on a robust franchise and significant operational improvements we have accomplished a remarkable turnaround. I am convinced that the strategic path charted today sets both ambitious and obtainable goals. It rests on a capital base of approximately USD 2 billion, sound operating profitability, strong support from clients and brokers as well as talented employees who are committed to capturing the growth opportunities following a ratings upgrade. I strongly believe that we can achieve our growth and profitability targets based on the comprehensive management of all relevant value drivers."
Converium's road map for sustainable value creation
Converium is committed to achieving a sustainable return on equity of 14% by 2009. The underlying strategy will be built on fundamental improvements in underwriting, capital management, asset management and operations.
Growing the business while improving profitability
Converium aims to grow its gross premiums written by more than one third to USD 3 billion by 2009 based on total gross premiums written for 2007, expected to be in the range of USD 2.2 billion. Converium expects to win back a significant share of business with existing customers following a ratings upgrade. The Company expects to be able to regain market share in all lines of business, but primarily in specialty areas such as Credit & Surety and Agribusiness where Converium used to be among the global leaders. In addition, the Company expects to capture opportunities from fast-growing emerging markets where Converium can build on strong client relationships and a regional infrastructure. 
Converium is further committed to improving underwriting profitability to a combined ratio of around 96% in 2009. This objective is expected to be achieved based on the following four elements: First, the fronting fee on Converium's Global Aerospace Underwriters Ltd (GAUM) business will decrease following a ratings upgrade; second, the long-tail business with the Medical Defence Union (MDU) which is economically profitable even at a combined ratio of more than 100% will lose weight in Converium's overall portfolio; third, following a ratings upgrade, the Company is committed to rebalancing its book of business towards non-proportional business and attractive specialty lines at lower expected combined ratios; and, fourth, with growing business volumes Converium expects a reduced administrative expense ratio.
Boosting capital efficiency by returning capital to shareholders and using more hybrid capital
Following a ratings upgrade, Converium will be in a position to more efficiently leverage its balance sheet.  Converium currently has significantly lower balance sheet leverage than its peers. The Company will seek to take advantage of beneficial financing conditions, and, shortly after a ratings upgrade, issue hybrid debt to USD 500 million. The funds raised will refinance current outstanding hybrid debt, and allow for USD 300 million to be returned to shareholders following shareholder approval. Greater efficiency in the use of capital is expected to bring down the weighted average cost of capital to under 9% by that date. 
Converium believes that its overall capital situation will allow for a sustainable dividend pay-out ratio of 
25%-35%. 
Increasing sustainable investment yield 
Based on Converium's state-of-the-art expertise in Asset-Liability-Management and its new strategic partnership with Deutsche Asset Management, the Company expects to achieve significant sustainable improvements in its investment yield. One of the specific measures envisaged is a more sophisticated management of Converium's fixed-income securities portfolio.
Strong financial performance in 2006
Income from continuing operations up six-fold
For 2006, Converium reported income from continuing operations of USD 215.0 million compared with USD 34.1 million for the same period in 2005, equivalent to 13.0% return on equity. Converium's 2006 figures demonstrate the quality of the Company's underlying book of business, the absence of any major catastrophic events, as well as a satisfactory net investment income. The significant increase in profit is driven by an improvement in the non-life combined ratio from 107.0% in 2005 to 96.3% in 2006. In addition, Converium's results were positively impacted by the net favorable impact of prior accident years on the technical result of USD 52.1 million. Net income for 2006 amounted to USD 57.1 million, reflecting an overall negative impact on net income of USD 157.9 million from the sale of Converium's North American operations.
Growth in business volume reflective of stable franchise
For the year ended December 31, 2006, gross premiums written increased by 1.3% to USD 1,981 million. Net premiums written increased by 3.9% to USD 1,852 million, showing a resilient franchise and visible progress made towards the Company's turnaround in 2006. However, net premiums earned decreased by 19.7% to USD 1,812 million due to lower earned premiums from prior underwriting years reflecting the impact of the ratings downgrade in 2004. For the year ended December 31, 2006, net premiums written in Standard Property & Casualty Reinsurance increased by USD 77.9 million, or 10.5%, Specialty Lines decreased by USD 8.3 million, or 1.1% and net premiums written in the Life & Health Reinsurance segment decreased by USD 0.7 million, or 0.2%. 
Satisfactory net investment income result and investment yield (continuing operations)
Converium's net investment income from continuing operations increased by 1.0% to USD 260.4 million for the year ended December 31, 2006 as compared with USD 257.8 for the same period in 2005. The average total invested assets from continuing operations was USD 6,147.4 million, which was a slight increase on the 2005 amount of USD 6,139.1 million. Our average net investment income yield (pre-tax) from continuing operations for the year was 4.2%, comparable with the prior year, reflecting similar market conditions and asset allocation. 
Fourth quarter performance impacted by sale of US operations
The net loss in the fourth quarter of 2006 was USD 121.3 million, reflecting the one-off negative impact from the loss on sale of Converium's North American operations in December of 2006 of USD 190.1 million. The return on equity from continuing operations was 14.9%, compared with 4.2% for the fourth quarter of 2005. Gross premiums written over the quarter were USD 428.1 million, an increase of 10.7% on the prior year quarter. The combined ratio for the fourth quarter of 2006 was 93.5%, benefiting from the absence of major natural catastrophes during the period