CHR Scor Hldg Switzerland Ltd

Shareholder Class Action Filed Against Converium Holding AG by the Law Firm of Schiffrin & Barroway, LLP BALA CYNWYD, Pa., Oct. 4 /PRNewswire/ -- The following statement was issued today by the law firm of Schiffrin & Barroway, LLP: Notice is hereby given that a class action lawsuit was filed in the United States District Court for the Southern District of New York on behalf of all securities purchasers of Converium Holding AG (NYSE:CHR) ("Converium" or the "Company") from December 11, 2001 through July 20, 2004, inclusive (the "Class Period"). If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Schiffrin & Barroway, LLP (Marc A. Topaz, Esq. or Darren J. Check, Esq.) toll-free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at . The complaint charges Converium, Dirk Lohmann, and Martin Kauer with violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. More specifically, the complaint alleges that the Company failed to disclose and misrepresented the following material adverse facts which were known to defendants or recklessly disregarded by them: (1) that Converium maintained inadequate loss reserves in its Converium North America subsidiary; (2) that the Company, contrary to representations, did not establish adequate loss reserves to cover claims by Converium North America policy holders; (3) that reserve increases announced by the Company during the Class Period were materially insufficient; and (4) as a consequence of the understatement of loss reserves, Converium's earnings and assets were materially overstated at all relevant times. On July 20, 2004, Converium announced that second quarter results would be impacted by a reserve strengthening for US casualty business and subsequent asset impairments on the balance sheet of Converium Reinsurance. News of this shocked the market. Shares of Converium fell $11.12 per share, or 44.44 percent, on July 20, 2004, to close at $13.90 per share. On August 31, 2004, Converium announced that the Company had completed external actuarial review of Converium's reserves. On September 2, 2004, Converium announced that following the announcement of the external reserve review's outcome and resulting capital measures, Standard & Poor's and A.M. Best have lowered their ratings on Converium and its subsidiaries. On this news, shares of Converium fell an additional $1.04 per share, or 10.51 percent, to close at $8.86 per share. Plaintiff seeks to recover damages on behalf of class members and is represented by the law firm of Schiffrin & Barroway, which prosecutes class actions in both state and federal courts throughout the country. Schiffrin & Barroway is a driving force behind corporate governance reform, and has recovered in excess of a billion dollars on behalf of institutional and high net worth individual investors. For more information about Schiffrin & Barroway, or to sign up to participate in this action online, please visit http://www.sbclasslaw.com/ If you are a member of the class described above, you may, not later than December 3, 2004, move the Court to serve as lead plaintiff of the class, if you so choose. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Schiffrin & Barroway, or other counsel of your choice, to serve as your counsel in this action. CONTACT: Schiffrin & Barroway, LLP Marc A. Topaz, Esq. Darren J. Check, Esq. Three Bala Plaza East, Suite 400 Bala Cynwyd, PA 19004 1-888-299-7706 (toll free) or 1-610-667-7706 Or by e-mail at DATASOURCE: Schiffrin & Barroway, LLP CONTACT: Marc A. Topaz, Esq. or Darren J. Check, Esq., Schiffrin & Barroway, LLP, +1-888-299-7706 or +1-610-667-7706, Web site: http://www.sbclasslaw.com/

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