Converium (CHR) Rejects Unsolicited Takeover Proposal

The Board of Directors of Converium (NYSE: CHR), who is being advised by Credit Suisse and JPMorgan, has carefully considered an unsolicited proposal by SCOR, over the weekend, to acquire Converium at CHF 21.- per share. The Directors are unanimous in their rejection of this proposal, which they believe fundamentally fails to recognise the value of Converium's franchise and growth prospects, and is, therefore, not in the interest of Converium, its shareholders, and its customers.