Fitch Ratings downgraded Converium's insurer financial strength rating to BB+ from A-.
The rating action follows Converium's announcement on the 10 September 2004 that it intended to place its US operations into run-off and that it would no longer underwrite business from the United States.
Converium does intend to underwrite US exposures from its operations in Zurich and Bermuda. In addition, the company is currently reviewing all options with its banks regarding the proposed rights issue that was announced on 3 September 2004.
