The Zurich Group strengthens its market position in Austria

Zurich, December 7, 2001. - Insurance company Zürich Kosmos Versicherungen AG, the Austrian subsidiary of the Zurich Financial Services Group, is to take over insurance company Winterthur Versicherungs-AG, Vienna, a subsidiary of Winterthur.

This acquisition will help Zürich Kosmos to strengthen its market position in Austria. Winterthur Versicherungs-AG, Vienna - which comprises Pensionskassen AG and Wintisa Management and Consulting AG - will be integrated into Zurich Kosmos pending approval from antitrust and supervisory authorities.

As a result of this acquisition, Zürich Kosmos will be able to improve its operational efficiency and expand its market position. Premium volumes in the life business will be doubled and those in the non-life business will also be markedly increased. The acquisition is also in line with the Zurich Group's long-term commitment in Austria.

The Zurich Financial Services Group (www.zurich.com) is a global leader of integrated financial services providing its customers solutions in the area of financial protection (non-life insurance and structured solutions) and asset gathering (life insurance and asset management). The Group focuses its activities on key markets, i.e. North America, UK, Switzerland, Europe and selected other markets where it has or can reach a competitive position. Founded in 1872, Zurich is headquartered in Zurich, Switzerland. It has offices in more than 60 countries employing approximately 70,000 people.

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