SWX: Converium Holding AG opens at CHF 84

The shares of Converium Holding AG were traded today for the first time on the SWX Swiss Exchange. The offering price was set at CHF 82. At the start of trading on SWX, the stock stood 2% above that level at CHF 84 representing a total market capitalization for the company of CHF 2.9 bn.

According to the offering prospectus, of the 40'000'000 shares to be registered in the Commercial Register, 35'000'000, or 87.5% of the company's outstanding stock, were offered to the public. Should the underwriters elect to exercise their green-shoe option, that proportion could rise to 100%. 34'900'000 of the publicly offered shares were part of a capital increase associated with the IPO.

Converium Holding AG is a worldwide reinsurance company active in the life and non-life sectors. Converium includes Converium Zurich, North America and Cologne as well as Converium Life, representing a well-diversified portfolio in geographical and product terms.

Converium Holding AG founded in 1998 (former Zurich Re) employs 800 individuals and recorded in 2000 revenues of USD 2'150 million.