Divestiture in Greece

Zurich, March 18, 1998. - Zurich has reached an agreement in principle with the Generali Group of Italy on the sale of its non-life business in Greece. The agreement also provides that Generali, within the scope of a cooperation agreement, will service Zurich’s industrial business in Greece. The transaction is subject to the approval by the responsible authorities in Greece. No details are being given regarding the transaction price. In 1997 Zurich’s gross premium income in Greece amounted to nearly CHF 15 million.