Converium Runoff American Unit Gets New Chief
NU Online News Service, Nov. 11, 4:05 p.m. EST?The runoff North American operation of Swiss reinsurer Converium Holding AG is getting a new chief executive officer with years of experience in the field of insurance runoff, the company said.[@@]
The new chief executive of Converium Reinsurance, North America, will be Paul Dassenko, who, until recently, served as chief operating officer of Cobalt RunOff Services Ltd., the Australia-based market leader in insurance runoff services for the Asia-Pacific region.
"Mr. Dassenko will be responsible for developing a strategy for the orderly runoff of Converium Reinsurance (North America) Inc. as well as an operational plan for its effective execution," Converium Holding stated. Mr. Dassenko will report to Converium's Global Chief Executive Dirk Lohmann.
Converium Holding AG, based in Zug, Switzerland, announced its plan to put its North American reinsurance unit in runoff two months ago.
In July, Converium revealed that it would need to boost reserves on its U.S. casualty business by nearly $400 million. Converium followed up that announcement in September by disclosing that an independent actuarial study estimated a further reserve deficiency of $213 million and that it would raise capital, buy stop-loss protection, and put the unit into runoff.
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