The Swiss Stock Exchange will not include recently listed reinsurer Converium in the blue-chip Swiss Market Index (SMI) because it does not fulfil all the market capitalisation criteria.

Converium, which was spun off in December 2001 by Zurich Financial Services , had been expected to enter the SMI because of its size and the number of shares in issue.

But the SWX Swiss Exchange said that to be included in the 27-share SMI, a company had to have a market capitalisation equal to at least 0.45% of the all-share Swiss Performance Index.

Zurich Financial Services is already included in the index.

Currently, Converium has a capitalisation of approximately SFr3.3bn (£1.4bn). This is closer to 0.4% of the total SPI value.

The index includes such names as Swiss Re, Nestle, Roche and UBS.