Converium Holding Ltd. said it is making significant changes toits board of directors, including replacing its chairman, PeterColombo.

As he indicated last year, Mr. Colombo will step down at theupcoming Annual General Meeting, according to the Zug,Switzerland-based reinsurer.

A Moody's spokesman said the ratings agency declined to commentbecause there are no obvious credit implications to draw from theboard appointments.

Converium noted that vice chairman Georg Mehl, as well as boardmembers George G.C. Parker and Anton K. Schnyder, will not bestanding for re-election when their term expires at the 2006meeting on April 11.

Also at the meeting, the board will propose to Converiumshareholders the election of Lennart Blecher, Detlev Bremkamp andHarald Wiedmann to the board.

Mr. Colombo commented that the actions follow the appointment ofCEO Inga Beale, as of Feb. 1.

The changes announced “are in line with my statement made at the2005 Annual General Meeting that the rejuvenation of the board isan important goal,” he said. “Following a thorough and successfulsearch, the board of directors has now delivered on thispromise.”

Converium said Mr. Blecher is an expert in finance and banking;Mr. Bremkamp has in-depth knowledge of the global insuranceindustry; and Mr. Wiedmann is an audit professional, “well known inthe insurance industry.”

Converium's actions are part of an ongoing effort to restoreit's ratings after being downgraded by the agencies in 2004. Partof the process for Converium was to stop writing difficult lines inthe United States, such as workers' compensation.