Zurich Financial Services (ZFS) has sold its entire stake in its former reinsurance arm, Converium.
ZFS said today that it had sold an additional 12.5% in Converium, leaving its shareholding in the company at zero. That stake represented an over-allotment option related to Converium's initial public offering.
The Swiss integrated financial services company added that the transaction completed Converium's IPO process.
Chairman and chief executive Rolf Huppi said: "We are happy to see that Converium's IPO has generated a great deal of interest and would like to wish Converium all the best for the future."
