Form 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934
For the month of October, 2006
CONVERIUM HOLDING AG
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(Translation of registrant's name into English)
Baarerstrasse 8
CH-6300 Zug
Switzerland
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(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports
under cover Form 20-F or Form 40-F.
Form 20-F X Form 40-F
Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes No X
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If "Yes" is marked, indicate the file number assigned to the registrant in
connection with Rule 12g3-2(b): 82- Not Applicable
Converium Holding Ltd, Zug
Zug, Switzerland - October 10, 2006 - Converium obtains regulatory approval in
Labuan, Malaysia, to write international `Retakaful' business
Converium has received the approval of the Malaysian Labuan Offshore Financial
Services Authority (LOFSA) to write international `Retakaful' business through
its placeLabuan office. Retakaful is the reinsurance of `Takaful' business, the
writing of insurance policies according to Islamic principles.
In 2005, the Takaful insurance market reached a global volume of an estimated
USD 1.5 billion of written premiums. The market is expected to develop
substantially in coming years, with demand for Retakaful products subsequently
increasing.
Benjamin Gentsch, Converium's Executive Vice President for Specialty Lines,
said: "We look forward to offering our clients in the Islamic world reinsurance
solutions which are Shariah-compliant. Our decision to write Retakaful business
demonstrates our strong commitment to serve fast growing markets with innovative
and culturally sensitive products."
Benjamin Gentsch continued: "We are excited about this commercial opportunity
and expect to further strengthen our already well-established position in the
Islamic world."
* * * * * * *
Enquiries:
Dr. Kai-Uwe Schanz Marco Circelli
Chief Communication & Head of Investor Relations &
Corporate Development Officer Market Research
kai-uwe.schanz@converium.com marco.circelli@converium.com
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Phone: +41 (0) 44 639 90 35 Phone: +41 (0) 44 639 91 31
Fax: +41 (0) 44 639 70 35 Fax: +41 (0) 44 639 71 31
About Converium
Converium is an independent international multi-line reinsurer known for its
innovation, professionalism and service. Today Converium employs about 600
people in 18 offices around the globe and is organized into four business
segments: Standard Property & Casualty Reinsurance, Specialty Lines and Life &
Health Reinsurance, which are based principally on ongoing global lines of
business, as well as the Run-Off segment, which primarily comprises the business
from Converium Reinsurance (North America) Inc., excluding the US originated
aviation business portfolio. Converium has a "BBB+" rating (outlook positive)
from Standard & Poor's and a "B++" rating (outlook positive) from A.M. Best
Company.
Important Disclaimer
This document contains forward-looking statements as defined in the
placecountry-regionUS 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 'seek to', 'expects', 'should
continue', 'believes', 'anticipates', 'estimates' and 'intends'. The specific
forward-looking statements cover, among other matters, the Company's internal
review and related restatement, the reinsurance market, the Company's operating
results, certain financial guidance such as the corporate tax rate, the
reduction of CRNA net liabilities , administration expense ratio and Corporate
Center costs, the rating environment, the prospect for improving results and
expense reductions. 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
the impact of our ratings downgrade or a further lowering or loss of one of our
financial strength ratings; the impact of the restatement on our ratings and
client relationships; uncertainties of assumptions used in our reserving
process; risk associated with implementing our business strategies and our
capital improvement measures and the run-off of our North American business;
cyclicality of the reinsurance industry; the occurrence of natural and man-made
catastrophic events with a frequency or severity exceeding our estimates; acts
of terrorism and acts of war; changes in economic conditions, including interest
and currency rate conditions that could affect our investment portfolio; actions
of competitors, including industry consolidation and development of competing
financial products; a decrease in the level of demand for our reinsurance or
increased competition in our industries or markets; a loss of our key employees
or executive officers without suitable replacements being recruited within a
suitable period of time; our ability to address material weaknesses we have
identified in our internal control environment; political risks in the countries
in which we operate or in which we reinsure risks; the passage of additional
legislation or the promulgation of new regulation in a jurisdiction in which we
or our clients operate or where our subsidiaries are organized; the effect on us
and the insurance industry as a result of the investigations being carried out
by the US Securities and Exchange Commission, New York's Attorney General and
other governmental authorities; changes in our investment results due to the
changed composition of our invested assets or changes in our investment policy;
failure of our retrocessional reinsurers to honor their obligations or changes
in the credit worthiness of our reinsurers; our failure to prevail in any
current or future arbitration or litigation; and extraordinary events affecting
our clients, such as bankruptcies and liquidations, and other risks and
uncertainties, including those detailed in the Company's filings with the US
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.
www.converium.com
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
CONVERIUM HOLDING AG
By:/s/ Inga Beale
Name: Inga Beale
Title: CEO
By:/s/ Christian Felderer
Name: Christian Felderer
Title: General Legal Counsel
Date: October 10, 2006