Zurich To Divest Re Businesses

London Editor

Zurich Financial Services formally announced last week its intention to divest its third-party reinsurance business through an initial public offering, which is expected to take place in the fourth quarter of 2001.

To facilitate the IPO, ZFS has created a new holding company, called Converium Holding Ltd., for ZFS third-party assumed reinsurance operations. Converium includes Zurich Reinsurance (North America) Inc. and Z?rich R?ckversicherung (K?ln) AG, which have been rebranded Converium Reinsurance US and Converium Germany, respectively, according to a statement from Standard & Poors.

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