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."