ZURICH RE OFFICIALLY RELAUNCHED AS CONVERIUM

Zurich Re, the reinsurance operation of Zurich Financial Services (ZFS), has officially relaunched under the brand name of Converium. Converium consists of three insurance entities — Converium Ltd, Zurich; Converium Reinsurance (North America) Inc; and Converium Reinsurance (Germany) Ltd. However, Converium Reinsurance (North America) Inc will continue to operate under its existing name of Zurich Reinsurance (North America) Inc until it receives local regulatory approval, while Converium Reinsurance (Germany) Ltd is to remain trading as Zurich Reinsurance (Cologne) Ltd until the change is approved at the unit’s forthcoming shareholders’ meeting on December 7. Converium Ltd, Zurich has newly formed branch offices in Singapore and Malaysia and representative offices in London, Tokyo, Buenos Aires and Sao Paulo. A flotation of at least 70% of the newly named operation is planned for later this year. The offering is expected to raise $2bn for ZFS.