Zurich Insurance reaches agreement with U.S. Insurance Commissioners on joint approach to policies from the World War II era

New York/Zurich, 13/14 August, 1998 - The Zurich Insurance Group announced today that it has reached an agreement on a Memorandum of Understanding (MOU) with U.S. insurance commissioners to establish a mechanism for the rapid resolution of unclaimed Holocaust-related insurance policies.

The agreement calls for the creation of an International Commission to develop a common process that will be followed by European insurance company signatories to the agreement to assure the just and compassionate resolution of insurance claims from Holocaust victims and their heirs. The MOU anticipates that issues brought before the International Commission will be resolved within two years.

"Despite our limited involvement in the European life insurance market during the World War II era, we agreed to serve as a catalyst in order to help fashion a speedy and just resolution process," said Rolf Hüppi, Zurich Chairman and CEO. "The agreement forms the basis for continued cooperation with U.S. insurance commissioners to rapidly resolve all outstanding issues," Mr. Hüppi added. "I am convinced that together we will develop a very fair and efficient mechanism to resolve beneficiaries’ claims to the satisfaction of all parties involved."

The U.S. insurance commissioners expect that over the next few weeks other European insurance companies will join this effort for a rapid resolution.