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Zurich Financial Services Group: New organizational structure

  • Regrouping markets in 8 regions
  • Strong emphasis on Customer Segment Practice and Business Development to improve customer focus and reach
  • Global Asset Businesses grouped together
  • New Group Management Board and Executive Committee

Zurich, October 31, 2000. - Zurich Financial Services (SWX: ZURN; LSE: ZURN.L) announces changes at the senior executive level aligning the Group’s organizational structure with its strategy in the new economy environment. The new Group Management team consists of the Group Management Board, of which five members, together with Rolf Hüppi, Chairman and CEO, form the Executive Committee.

The Group Management Board is responsible for developing the strategy and defining the goals and objectives for the firm. The members represent:

  • Business Divisions, which include eight regions and the three global entities Global Asset Businesses, Global Reinsurance and Zurich Corporate Solutions
  • Strong emphasis on Customer Segment Practice and Business Development to improve customer focus and reach
  • The Corporate Center, comprising Group Strategy and Performance Management, Group Finance, Group Capabilities, Group Communications and Head Office Operations
  • Business Development Divisions, including IT/e-business, Manufacturing and Services as well as the Customer Segment Practice Boards.

Board level functions are covered by the Office of the Chairman.
The organizational changes will take place as of November 1, 2000.

The newly created Global Asset Businesses division will comprise Scudder Kemper Investments and its affiliated operations, Zurich Centre Group and all alternative asset management activities. Zurich and Capital Z Partners plan to form a new company called Capital Z Investment Partners, in which Zurich expects to own a significant interest. This company will invest across a broad range of private equity funds, hedge funds, structured products, direct investments and other alternative investment vehicles.

"The new structure is an important step in creating the platform for an efficient and focused development of our Group" said Rolf Hüppi, Chairman and CEO. "With the customer segment practice Boards as well as the regrouping of our geographic markets into eight regions and our three global businesses, we will facilitate the implementation of our customer centric business strategies."

The Zurich Financial Services Group is a global leader in the financial services industry, providing its customers with solutions in the area of financial protection and asset accumulation. The Group concentrates its activities in five business segments: non-life and life insurance, reinsurance, Farmers Management Services, and asset management. Headquartered in Zurich, Switzerland, the Group’s worldwide presence builds on strong positions in its three key markets - the United States, the United Kingdom and Switzerland. It has offices in more than 60 countries reaching over 35 million customers and employing 68,000 people. Based on consolidated figures for 1999, the Group achieved gross premiums of USD 48 billion. This amount includes insurance deposits as well as premiums from the Farmers Exchanges. The net income amounted to USD 3.26 billion. On June 30, 2000, the Group had USD 435 billion of assets under management of which USD 260 billion represent funds managed for third-party institutional and retail customers.

For further information please contact:
Zurich Financial Services, 8022 Zurich, Switzerland
Media and Information, Iris Roth
Phone +41 (0)1 625 21 00, Fax +41 (0)1 625 26 41
http://www.zurich.com

See attachements for organisation chart.