February 28, 2007

Deutsche Bank Asset Management chosen by Converium to advise $5 bn insurance investment portfolio

Deutsche Bank’s Asset Management (DeAM) division today announced its Global Insurance Asset Management (GIAM) business has entered into an agreement with Converium (SWX: CHRN) whereby GIAM will become the advisor for Converium’s approximately $5 billion of balance sheet invested assets. GIAM also will be the primary manager for approximately $4 billion of fixed income assets included in the total $5 billion of assets under advisement. Assets will be managed by DeAM’s investment professionals in Zurich and New York.  

GIAM will be responsible for the investment management of Converium’s core portfolios with an emphasis on yield optimization and risk mitigation. Other services will include investment and consolidated reporting, regulatory and accounting advice, strategic and tactical asset allocation, and customized risk management advice.  

“After an extensive review of our portfolio and a thorough competitive selection process, we chose GIAM as our partner,” said Paolo De Martin, Chief Financial Officer at Converium. “We were impressed by the global resources of Deutsche Bank’s dedicated insurance business, their ability to work with us seamlessly across geographies, as well as their customized approach to adding value to our balance sheet.”

“Insurers are becoming increasingly aware of the critical role that asset management can play in the profitability and value of their businesses,” said Eric Kirsch, Head of GIAM at Deutsche Bank Asset Management. “We are very focused on helping our clients create sustainable value through traditional and alternative investment opportunities. Through our global scale, investment management experience and sophisticated asset allocation approach, we are able to offer Converium the potential for increased investment income from actively and strategically managing their investment portfolio.”

Deutsche Global Insurance Asset Management is the world’s largest third-party manager of insurance portfolios1, managing € 115 billion globally, as of March 31, 2006 for their clients. GIAM investment professionals are located in North America, Europe and Asia.  They invest, across a full range of traditional and alternative strategies. GIAM has dedicated professionals who focus on providing outsourcing solutions to create value for all types of insurance companies through their investment portfolio.  

1 Source: Insurance Asset Manager Survey, August 2005

For further information, please call:

Mayura Hooper                        
+1 (212) 250-5536
Media Relations, Deutsche Bank

About Converium

Converium is an independent international multi-line reinsurer known for its innovation, professionalism and service. Today Converium employs about 500 people in 15 offices around the globe and is organized into three business segments: Standard Property & Casualty Reinsurance, Specialty Lines and Life & Health Reinsurance. Converium has a "BBB+" financial strength rating (Credit Watch positive) from Standard & Poor's and a "B++" financial strength rating (outlook positive) from A.M. Best Company.

About Deutsche Bank

Deutsche Bank is a leading global investment bank with a strong and profitable private clients franchise. A leader in Germany and Europe, the bank is continuously growing in North America, Asia and key emerging markets. With Euro 1,128 billion in assets and 68,849 employees in 73 countries, Deutsche Bank offers unparalleled financial services throughout the world. The bank competes to be the leading global provider of financial solutions for demanding clients creating exceptional value for its shareholders and people.

About Deutsche Asset Management

With approximately Euro 543 billion in assets under management globally (as of 12/31/06), Deutsche Bank’s Asset Management division is one of the world's leading investment management organizations, not just in size, but in quality and breadth of investment products, performance and client service.  The Asset Management division provides a broad range of investment management products across the risk/return spectrum.