Converium Holding Ltd., based in Zug, Switzerland, said it hasappointed Inga Kristine Beale as new chief executive officer forthe company that has been battered by stockholder lawsuits andquestions about reserves and accounting.

A British citizen, she currently is CEO and chairman of theboard of management of GE Frankona R?ckversicherungs-AG, Munich,Germany, and leader of GE Insurance Solutions' property-casualtyreinsurance business written in Continental Europe, the Middle Eastand Africa.

Ms. Beale, Converium said, will replace Terry Clarke and beginher new role at Converium in early 2006. Mr. Clarke, a member ofthe board of Converium Holding Ltd., took over as CEO at the end ofFebruary 2005.

Converium said its board "would like to thank Terry Clarke forstabilizing the company after a period of turbulence, therebylaying the foundation for Converium's successful repositioning inthe global reinsurance market."

In 2004 Converium put its U.S. Converium North America unit intorunoff and announced that the U.S. operation's president, GaryPrestia, had resigned. Converium has continued to write some U.S.business from Switzerland.

The company's actions have prompted stockholder suits accusingthat the company failed to disclose it had inadequate loss reservesfor Converium North America, did not establish adequate reserves tocover claims, and announced materially insufficient reserveincreases and overstated earnings and assets.

Converium reported in November that in light of investigationsof the insurance and reinsurance industry and nontraditionalinsurance and reinsurance products in the United States and Europe,it had launched an "extensive internal review of certainreinsurance transactions and engaged outside counsel to assist thecompany."

Converium reported "substantial progress" of the internal reviewbut decided to restate its accounts, based on information andfindings identified during the internal review.

The primary driver of the restatement, the company said, was to"correct the accounting treatment of certain transactions,primarily ceded reinsurance, replacing reinsurance accounting bydeposit accounting."

Based on the findings of the review, the company estimated thecumulative impact of the restatement "should not reduce unauditedshareholders' equity of U.S. $1.65 billion reported for June 30,2005."

Peter Colombo, chairman of the board of directors, commentedthat Ms. Beale's "extensive professional expertise and broadinternational experience put her in an ideal position to furtherdevelop Converium's franchise as an independent internationalmulti-line reinsurer.

"Together with the new CEO, the Board of Directors pursues theobjective to restore Converium's position as a leading reinsurerwithin the foreseeable future," he said.

Ms. Beale previously worked for the Prudential Assurance Companyin London as an underwriter specializing in internationalreinsurance.

She joined GE Insurance Solutions, formerly Employers Re, in1992, assuming a number of managerial roles. In 2001, she waspromoted to Global Underwriting Leader for GE Insurance Solutionsat the global headquarters in Kansas City, USA.

In 2003, the company said, she relocated to Paris, takingresponsibility for the property-casualty reinsurance businessthroughout Continental Europe, the Middle East and Africa. InOctober 2004, Ms. Beale was named CEO and board chair of the boardof management of GE Frankona R?ckversicherungs-AG, Munich.