The Zurich Group in negotiation to sell its London market reinsurance subsidiary

Zurich/London, September 3, 1998 - The Zurich Group is considering a proposal for the sale of Zurich Reinsurance (London) to a group of investors led by the management of Zurich Reinsurance (London) and backed by Candover Partners Limited, a leading provider of equity for buyouts. The investor group has been granted a limited period of exclusivity in which to negotiate the purchase.

Commenting on the negotiation, Dirk Lohmann, member of the Corporate Executive Board and responsible for Zurich’s Reinsurance business division, said: "We remain committed to reinsurance as one of our four core businesses and continue to focus on specific customer groups and on non-traditional products and solutions in key reinsurance markets."