Frequently Asked Questions

  1. What is this case about?

  2. What are the Settlements' terms?

  3. How do I know if I am eligible to participate in the Settlements?

  4. Why did I receive a Binding Declaration Notice?

  5. How did you get my name and address?

  6. Do I have to pay any fee in order to obtain the Binding Declaration Notice or other documents?

  7. What is the Relevant Period?

  8. What securities are eligible in connection with the Settlements?

  9. I am not sure if I purchased Converium stock on a Non-U.S. Stock Exchange during the Relevant Period. How do I find out if I did?

  10. What is Converium's eligible ISIN code?

  11. What is the amount of the Settlements?

  12. Will I be charged for participating in the Settlements?

  13. How do I file a claim?

  14. What are the tax consequences of participating in the Settlements?

  15. When will payments be made?

  16. What do I give up if I file a claim or do not opt-out?

  17. What do I need to do to opt out of the Settlements?

  18. I do not want to be involved in these Settlements. Can my name and address be removed from your mailing list?

  19. Do the Settlements relate to any other settlements involving Converium securities?

  20. Where can I obtain additional information about the Settlement Agreements?

  21. Who is the Settlements Administrator?






1. What is this case about?

During the period of 7 January 2002 through and including 2 September 2004, Converium Holding AG ("Converium", which is now known as SCOR Holding (Switzerland) AG) announced reserve increases in its North American business of approximately USD 526 million, including a 20 July 2004 announcement that it would take a charge of up to USD 400 million to increase reserves in its North American business. The price of Converium common stock declined after the 20 July 2004 announcement. Converium, and certain officers of the Company, and Zurich Financial Services Ltd. ("ZFS"), have been accused of disseminating false and misleading statements during this period of time regarding Converium's financial condition, including the adequacy of Converium's loss reserves in its North American business, those alleged misstatements and omissions purportedly had the effect of artificially inflating the price of Converium's securities.

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2. What are the Settlements' terms?

In July 2010, the Stichting Converium Securities Compensation Foundation (hereinafter: the "Foundation") and Vereniging VEB NCVB (hereinafter: "VEB") entered into separate settlement agreements with Converium and ZFS respectively (hereinafter referred to jointly as the "Agreements") for the benefit of all eligible Non-U.S. purchasers of Converium stock who purchased their stock on a stock exchange outside the U.S. (hereinafter referred to as the "Non-U.S. Exchange Purchasers"). Pursuant to the Agreements, a total gross amount of USD 58,400,000 (USD 40,000,000 from Converium and USD 18,400,000 from ZFS) (less the fee of the Foundation's U.S. counsel in the amount of USD 11,680,000 and certain other costs, such as costs for implementing the Agreements) will be made available to Non-U.S. Exchange Purchasers by way of compensation in accordance with the provisions of a distribution plan that is part of the Agreements (hereinafter: the "Settlement Distribution Plan").

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3. How do I know if I am eligible to participate in the Settlements?

You are an eligible claimant if you are a person (legal or natural) or entity that purchased or otherwise acquired the common stock of Converium on the SWX Swiss Exchange or any other stock exchange outside the United States (hereinafter: Non-U.S. Exchange) in the period from 7 January 2002 through 2 September 2004 (the "Relevant Period") and you were not a United States resident or domiciled in the United States at the time of the purchase. If you do not fall within this category, the Binding Declaration Notice does not apply to you. The Settlements do not cover purchases of Converium securities on U.S. Exchanges or by anyone who was a U.S. resident or was domiciled in the U.S. at the time of purchase. Additionally, the following persons and entities are specifically excluded from participating in the Settlement under the terms of the Settlement Agreements: (i) Converium, (ii) Dirk Lohmann, Martin Kauer, and Robert Smith (the “Officer Defendants”), (iii) ZFS, (iv) members of the underwriter consortium of the Converium IPO, (v) members of the immediate family of any Officer Defendant, (vi) any person who was an officer or director of Converium, ZFS, or any underwriter of the Converium IPO at the time of the Converium IPO or during the period 7 January 2002 through 2 September 2004, inclusive, (vii) any firm, trust, corporation, officer, or other entity in which Converium, ZFS, the Officer Defendants, or any underwriter of the Converium IPO has or had a Controlling Interest, and (viii) the legal representatives, agents, affiliates, heirs, successors in interest, or assigns of any such excluded person or entity.

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4. Why did I receive a Binding Declaration Notice?

You received the Binding Declaration Notice because your broker's/custodian's records indicate that you may be a Non-U.S. Exchange Purchaser, who may have purchased Converium common stock during the Relevant Period, on the SWX Swiss Exchange in Zürich, Switzerland, or any other exchange outside of the United States.

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5. How did you get my name and address?

The list of Converium shareholders used in mailing the Hearing Notice was prepared utilizing a number of sources, including, Converium's registered shareholder list, the shareholder lists compiled in both the Converium U.S. Class Action and the U.S. Securities and Exchange Commission's Converium Fair Fund settlement, and lists provided by custodians (including banks, brokers and other nominees) in connection with the U.S. Class Action and the Converium SEC Fair Fund settlement. These addresses were then updated by a European mailing firm contracted by the Foundation which, together with the bailiff, mailed, respectively, served, the Hearing Notice.

Substantially the same list was used to mail the Binding Declaration Notice.

The Amsterdam Court of Appeal has declared the lists with Converium shareholders as a file in the meaning of article 1(c) of the Dutch Personal Data Protection Act and has directed that these data will, therefore, in principle not be made accessible to third parties. Furthermore, both the European mailing firm and the Settlement Administrator are bound by confidentiality.

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6. Do I have to pay any fee in order to obtain the Binding Declaration Notice or other documents?

No. The Foundation will pay the Bailiff any fees related to the delivery of the Binding Declaration Notice. You may also, view, download, and print the Binding Declaration Notice and other documents from this website.

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7. What is the Relevant Period?

The Relevant Period for the Converium Holding AG International Settlement is the period of time from 7 January 2002 through 2 September 2004.

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8. What securities are eligible in connection with the Settlements?

The eligible security is Converium common stock. The Settlements do not apply to American Depository Shares.

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9. I am not sure if I purchased Converium stock on a Non-U.S. Stock Exchange during the Relevant Period. How do I find out if I did?

We do not have any detailed transactional history regarding your purchases of Converium stock. Therefore, you must contact your investment custodian, broker, or bank to obtain that information.

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10. What is Converium's eligible ISIN code?

The ISIN code eligible for the Converium International Settlement is:

Security Type Security Identifier
ISIN CH0012997711
VALOREN CH001299771
WERTPAPIER 766465
SEDOL 724825
SEDOL 7248256
SEDOL B02FSG
CINS H1632M11
CINS H1632M115

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11. What is the amount of the Settlements?

The Settlements amount is USD 58,400,000 (USD 40,000,000 from Converium and USD 18,400,000 from ZFS) (less the fee of the Foundation's U.S. counsel in the amount of USD 11,680,000 and certain other costs, such as costs for implementing the Agreements).

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12. Will I be charged for participating in the Settlements?

No. There is no fee for submitting a claim to share in the Settlements.

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13. How do I file a claim?

Shareholders must file a claim form with the claims administrator in the manner described below if they wish to make a claim for relief under the Settlement Agreements.

The claim form may be downloaded from this website. You may also request a claim form by telephone via +1 614 569 0291 or + 800 776 86266 (toll-free from Switzerland, the United Kingdom, France, Germany, Italy and the Netherlands), or 1 (800) 960 6659 (toll-free from the United States).

Shareholders must send the fully completed and signed claim form (together with the documentation requested in the claim form) to the claims administrator. The claim form must be postmarked or received by the claims administrator no later than 11 April 2013. The claim form can be sent by e-mail (questions@converiumsettlements.com) or by regular mail (Converium Holding AG International Settlement, c/o The Garden City Group, Inc., P.O. Box 9616, Dublin, OH 43017-4916, U.S.A.). Shareholders are not entitled to any compensation for expenses relating to the filing of a claim for relief or otherwise. Additional information on filing the claim form can be found on the claim form.

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14. What are the tax consequences of participating in the Settlements?

Shareholders who have questions on the tax consequences, if any, as a result of participating in the Settlements are advised to consult their own tax advisor.

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15. When will payments be made?

Payment of relief to shareholders who submit valid claims cannot occur until after the deadline for the submission of claim forms has passed and claims processing has been completed. This means that payments will not take place before the end of 2013.

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16. What do I give up if I file a claim or do not opt-out?

An important element in the Settlement Agreements is that shareholders who are covered by the Settlement Agreements and who do not submit an opt-out notice waive all claims that they might have in connection with the increase of Converium’s reserves for its reinsurance obligations and certain related matters with respect to Converium, the current parent company of Converium, ZFS, and certain other persons or entities. This release of liability may change the legal position of these shareholders. Shareholders therefore should carefully read the text of the release, which is included in the Settlement Agreements and on the claim form. Key provisions of the release are also attached to the Binding Declaration Notice. The release will apply regardless of whether a shareholder actually claims entitlement to relief under the Settlement Agreements and regardless of the actual award of relief to a shareholder who has filed such a claim. Shareholders can avoid being bound by this release only by timely submitting a so-called opt-out notice (see Question 17).

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17. What do I need to do to opt out of the Settlements?

Shareholders who do not wish to be bound by the Settlements that have been declared binding must so notify the claims administrator in writing, postmarked or received no later than 31 July 2012. Notice can be given by regular mail (Converium Holding AG International Settlement, c/o The Garden City Group, Inc., P.O. Box 9616, Dublin, OH 43017-4916, U.S.A.) or by e-mail (questions@converiumsettlements.com).

A shareholder who submits an opt-out notice becomes ineligible to receive relief under the Settlement Agreements.

Opt-out requests must clearly state that the shareholder does not wish to be bound by the settlement and must include the shareholder’s name, address, and telephone number or e-mail address. In addition, shareholders are asked to include (i) the number of shares purchased and/or sold on each stock exchange outside the United States during the Relevant Period, (ii) the date(s) on which the shares were purchased and/or sold, (iii) the price paid or received per share for each transaction, (iv) the stock exchange on which each transaction occurred, and (v) the country in which the shareholder resided or was domiciled at the time of each transaction. However, shareholders filing opt-out statements are not required to provide this additional information.

Shareholders who do not timely submit an opt-out notice shall, pursuant to the binding declaration of the Amsterdam Court of Appeal of 17 January 2012, be bound by the Settlement Agreements, including the release contained therein.

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18. I do not want to be involved in these Settlements. Can my name and address be removed from your mailing list?

You received the Binding Declaration Notice because, according to the records we have received, you may be a purchaser of Converium shares eligible to participate in the Settlements, i.e., a Non-U.S. Exchange Purchaser. If you wish to have your name removed from the mailing list, you must follow the instructions below. However, before you ask to have your name removed, it is important for you to consider that, if you are a Non-U.S. Exchange Purchaser (i.e., a person or entity that purchased Converium shares during the Relevant Period on a Non-U.S. Exchange and were not a resident of or domiciled in the U.S. at the time of purchase), you have certain rights under the terms of the Settlement Agreements including the ability to file a claim or, alternatively, to opt-out of the Settlements. If you are a Non-U.S. Exchange Purchaser, your rights will be affected.by the Settlements. You will be bound by the Settlement Agreements, unless you opt-out of the Settlements. Accordingly, if you are a Non-U.S. Exchange Purchaser, it is in your interest to keep your name and address on our mailing list. If you do not fall within the definition of “Non-U.S. Exchange Purchaser”, you are not eligible to participate in the Settlements and your rights are not otherwise affected by the terms of the Settlements.

If, after considering your position and how the Settlements affect you, you determine that you wish to have your name and address removed from our mailing list, we can do so. In that event, you must advise us in written form (by e-mail or letter) stating that you have been advised of the consequences of having your name and address removed from the list but nonetheless still want your name and address deleted. The email should be addressed to questions@converiumsettlements.com and any letter addressed to:

Converium Holding AG International Settlement
c/o The Garden City Group, Inc.
P.O. Box 9616
Dublin, OH 43017-4916
U.S.A.

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19. Do the Settlements relate to any other settlements involving Converium securities?

In addition to the Settlements mentioned in the Binding Declaration Notice, there are three other related settlements under which certain payments have been or will be made to certain shareholders in connection with the increases in reserves mentioned above. Two of these settlements are the settlements that Converium and ZFS have each separately entered into with shareholders who, in the period 7 January 2002 through 2 September 2004, inclusive, purchased Converium shares on a stock exchange in the United States, or who at the time of that purchase were residents of or domiciled within the United States (the “U.S. Settlements”). The claim-filing period for the U.S. Settlements closed on 9 December 2008.

The third settlement is a distribution by the U.S. Securities and Exchange Commission ("SEC") under which the SEC made available the amount of USD 25,000,001 that was paid by ZFS in connection with its settlement with the SEC (including interest) to certain purchasers of Converium shares in connection with a revision by Converium of certain published financial results (the “SEC Settlement”). The claim-filing period for the SEC Settlement closed on 6 October 2010.

The Foundation is not involved in or responsible for the U.S. Settlements or the SEC Settlement.

The U.S. Settlements and the SEC Settlement are entirely separate from the Settlement Agreements discussed in the Notice. If you are eligible for relief under those Settlement Agreements, you may submit a claim form in these settlements even if you also submitted a separate claim in the U.S. Settlements or the SEC Settlement. See response to Question 13 as to how to file a claim.

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20. Where can I obtain additional information about the Settlement Agreements?

You may obtain additional information about the litigation by contacting the Settlement Administrator (see FAQ No. 21).

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21. Who is the Settlement Administrator?

The Settlement Administrator is The Garden City Group, Inc. You can reach the Settlement Administrator by mail, by email or by phone. The mailing address is:

Converium Holding AG International Settlement
c/o The Garden City Group, Inc.
P.O. Box 9616
Dublin, OH 43017-4916
U.S.A.

You can email the Settlement Administrator at: questions@converiumsettlements.com. You can also call us at the following telephone numbers:

Country Toll-Numbers Toll-Free Numbers
France + 1 614 5690291 + 800 77686266
Germany + 1 614 5690291 + 800 77686266
Italy + 1 614 5690291 + 800 77686266
Netherlands + 1 614 5690291 + 800 77686266
Switzerland + 1 614 5690291 + 800 77686266
United Kingdom + 1 614 5690291 + 800 77686266
United States 1 614 5690291 1 800 9606659

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