STATE OF CONNECTICUT
INSURANCE DEPARTMENT
www.ct.gov/cid
P.O. Box 816 Hartford, CT 06142-0816
An Equal Opportunity Employer
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In the Matter of:
X
X
PROPOSED ACQUISITION OF CONTROL OF: X
CONVERIUM REINSURANCE (NORTH AMERICA), INC., X
a Connecticut insurance company
X
by
X Docket No. EX 06-115
NATIONAL INDEMNITY COMPANY, a Nebraska domiciled X
insurance company X
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DECISION AND ORDER
I.
INTRODUCTION
On October 27, 2006, National Indemnity Company, a Nebraska domiciled
property and casualty insurance company (“NICO” or “Applicant”), filed an Application
on Form A (“Application”) with the Connecticut Insurance Department (the
“Department”) pursuant to 38a-129 to 38a-140 of the Connecticut General Statutes
requesting approval by the Insurance Commissioner of the State of Connecticut
(“Commissioner” or “Insurance Commissioner”) for the Proposed Acquisition of control
or merger (the “Proposed Acquisition” or “Merger”) of Converium Reinsurance (North
America) Inc., a Connecticut domiciled insurance company (“CRNA” or “Domestic
Insurer”).
The Domestic Insurer is a wholly owned subsidiary of Converium Holdings
(North America) “CHNA” a Delaware corporation, which is a wholly owned subsidiary
of Converium AG, a corporation organized under the laws of Switzerland.
Supplemental information was subsequently requested by the Department and
provided by the Applicants. An Amended Application was filed with the Department on
November 6, 2006 with the final Amended Application filed on November 9, 2006.
The Proposed Acquisition will be effected pursuant to a Stock Purchase
Agreement, dated as of October 16, 2006 by and between NICO and Converium AG
(“Agreement”).
On November 9, 20