Swiss-based reinsurer Converium has completed its initial public offering in Switzerland, and raised a net $1.1bn (£766.9m) for its seller, Europe's third largest insurer Zurich Financial Services.

Swiss-based reinsurer Converium has completed its initial public offering in Switzerland, and raised a net $1.1bn (£766.9m) for its seller, Europe's third largest insurer Zurich Financial Services.

In total, 35m shares, 87.5% of Converium's share capital, were placed at SFr82 (£34.5) each.