Global insurer Converium Holding AG has applied for a permit to carry on insurance and reinsurance business in Bermuda.

The Converium group was established with effect from October 1, to take on the assumed third party reinsurance operations of Zurich Financial Services.

Converuim is a global lead reinsurer for all major lines of non-life and life reinsurance organised around four underwriting hubs.

Converium Zurich manages non-life reinsurance businesses in the UK western and southern Europe, the Benelux countries, Latin America, Asia and the Pacific Rim, Israel and Southern Africa and is the company's global centre of expertise for aviation and space, credit and surety, marine an engineering reinsurance.

Converium North America, based in New York, manages non-life reinsurance businesses (including accident and health) in the US and Canada and is the centre for the company's expertise for agribusiness.

Converium Germany, based in Cologne, manages non-life reinsurance businesses in Germany, central and Eastern Europe, northern Europe, Austria, the eastern Mediterranean, north Africa and the Middle East, and accident and health reinsurance business globally outside north America.

Converium Life manages the company's worldwide life reinsurance business from Cologne. The Swiss headquartered company listed on the New York Stock Exchange (NYSE) and the Swiss Exchange (SWX) last week and began trading on Tuesday.

Converium registered shares will trade in Switzerland under the ticker symbol CHRN while Converium American Depositary Shares (ADSs), each ADS representing half of one share, will trade on the New York Stock Exchange under the ticker symbol 'CHR'. The Bank of New York acted as the Depositary Bank for Converium ADSs.

"This event, alongside our listing on our home market in Zurich, marks the start of Converium's life as a publicly traded company and demonstrates our commitment to the US market as a major customer for our reinsurance products, as the location for many of our shareholders and as home to one third of our employees."

NYSE chairman and CEO Dick Grasso said: "Converium has established itself as a leader in its service offerings and this listing on the NYSE illustrates its commitment to upholding a global standard of excellence. We welcome Converium to the roster of world-class names listed on the NYSE, and look forward to a long and productive partnership with the company and its shareholders."

Converium is a leading global reinsurer ranked among the ten largest by premiums and has a globally diversified portfolio and covers all lines and types of reinsurance. Converium completed its initial public offering of 35 million shares (87.5 percent of the available share capital) on December 10, 2001.

In addition, Zurich Financial Services has granted the Underwriters an over-allotment option of up to 5.0 million shares (if the over-allotment option is exercised in full Zurich Financial Services will no longer hold any shares in Converium). Converium shares were priced at CHF 82 per share (US$ 24.59 per ADS).