Newsgroup: it.economia.borsa
Titolo: Per Dmaster su zurigo

 Se lo sai, se no fa niente...
Sparo completamente non so se sia cosě o no, ma non č che Zurigo ha
assicurato HallyBurton contro le cause sull' amianto?

Hai idea del perchč scendano cosě?
Ariecco qui...
DMaster
(Rewrites lead, adds analysts comments)
   By Nieck Ammerlaan and Jon Cox
ZURICH, Dec 11 (Reuters) - Stock in Zurich Financial <ZURZn.VX> dropped on
Tuesday as management upheaval at the Swiss insurance group overshadowed
the successful bourse debut of its former reinsurer Converium <CHRZn.S>.
Zurich, Europe's third largest insurer, late on Monday announced an
overhaul among top management which left embattled Chairman and Chief
Executive Rolf Hueppi -- who has long been criticised by analysts and
investors -- firmly in control.
   "Given the disappointments over the
last year, all of (the management upheaval) is likely to be taken
negatively by the market," said analysts at Credit Suisse First Boston in a
note.
   Zurich shares have shed over 50 percent so far this year after
three profit warnings, raising questions about Hueppi's performance and his
powerful dual role at the company.
   However, observers said that Zurich
stock had rallied by almost 80 percent since September 21 largely on hopes
of a successful spin-off of Converium and the management shake-up, the
second this year, had provided an excuse to take profits.
   "People
anticipated a smooth public offer of Converium and now you are seeing some
profit-taking," said Rudi Buxtorf, fund manager with Coutts Bank
Switzerland.
   Converium stock was priced at 82 Swiss francs, in the
middle of the indicative price range and in line wth recent grey market
quotes, and raised a net $1.1 billion for Zurich. Shares opened at a firm
84 francs, but later traded at 82.10 francs.
   "The issue was expected to
be a success but nothing tremendous," Buxtorf said.
 
   DIVESTMENT
DRIVE
   Gross proceeds were about $2 billion, in line with company
expectations and contributing about half towards Zurich's $4 billion
divestment drive which it has set to improve its balance sheet and raise
cash for a resumptiom of growth.
   Zurich recently sold its U.S. funds
arm Zurich Scudder Investments to Deutsche Bank <DBKGn.DE> in a $2.5
billion deal, and is assessing options for its Zurich Life U.S. business,
including a sale or the integration with its U.S. Farmers arm.
   The
group says it no longer wants to be in businesses that are too capital-
intensive -- such as Converium -- or that are not cost-efficient enough or
are in markets where the growth potential is limited or achieving critical
mass would be costly.
   Zurich is increasingly focusing on the higher-
margin insurance distribution business -- marketing, sales and advisory --
leaving the creation of policies and other forms of risk cover in certain
markets to third parties.
   Converium, the world's number eight
reinsurer, will have a market capitalisation of around 3.3 billion francs
and is expected to join the Swiss blue-chip SMI index early in 2002.
   In
the IPO, Zurich is selling an initial 87.5 percent of Converium. An over-
allotment option covers the remaining stake.
   The pricing of the shares,
due to start trading on the New York Stock Exchange later on Tuesday, was
near the middle of a range of 72-90 francs per share and $21.75-27.19 per
ADS. 
   One ADS is the equivalent of one half of a share.
   The issue
comes at a time when investor demand for insurance and reinsurance stocks
is rising in the wake of the deadly September 11 attacks in the United
States. 
   The assaults have boosted demand for insurance and triggered a
global round of steep premium increases in a market where rates were
already showing cyclical gains before the attacks.
   The expected
inclusion in the SMI is seen as a further factor ensuring good investor
interest with fund managers who track indices likely to snap up the stock,
analysts said.
--------------------------------
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decisamente meglio per zurigo