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Successful completion of Converium's public offer

Zurich, December 11, 2001. - Zurich Financial Services announced today the successful completion of the initial public offer of 87.5% of Converium, its former reinsurance arm. Assuming the over-allotment option is exercised, Zurich will no longer hold any equity interest in Converium.

This transaction is a further step towards executing Zurich's strategy, announced in March 2001, to focus on its core activities. It will also allow the Group to re-deploy its capital to other areas of growth. Zurich expects total gross proceeds of approximately USD 2 billion, and USD 1.1 billion net of expenses and its capital contribution to Converium. Based on Converium's equity value of approximately USD 1.65 billion as of October 1st, pre-tax capital gains after expenses would exceed USD 200 million.

Rolf Hüppi, CEO and Chairman of Zurich Financial Services, said: "I would like to congratulate Converium for the successful completion of their IPO. As an independent global reinsurer with a strong balance sheet, Converium is a very well-positioned company."

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