Zurich Financial Services: Refining the Management Structure and Streamlining the Organization

• Constantine Iordanou nominated Senior Executive Vice President - Group Operations and Business Development
• Businesses consolidated into five Divisions
• Group Executive Committee reconstituted

Zurich, July 9, 2001. - On the occasion of the Group's annual Management Conference, Zurich Financial Services (SWX: ZURN; LSE: ZURN.L) has announced a refinement of its management structure and a streamlining of its organization. These are effective immediately (July 9, 2001).

Constantine Iordanou, until now Chief Executive Officer (CEO) of North America Corporate and a Member of the Group Management Board, assumes the newly created position of Senior Executive Vice President -Group Operations and Business Development. The former eleven global and regional businesses will be consolidated into five Business Divisions, each of which will be headed by a CEO. The Group Executive Committee consists of the five Business Division CEOs, the Senior Executive Vice President -Group Operations and Business Development, and the Chief Financial Officer (CFO). This decision body is headed by the Group Chairman. This refined management structure further empowers the Business Divisions and strengthens the operational management of the Group.

Overview of Zurich Financial Services Group's Management Bodies

The Group Executive Committee as of July 9, 2001

Rolf Hüppi (1943), Chairman and CEO

John Amore (1949), CEO North America Corporate Business Division. John Amore takes over the responsibility for the North America Corporate Region from Dinos Iordanou and, in addition, will be responsible for the global business of Zurich Corporate Solutions. Amore joined the Group in 1992. In December 2000 he was nominated CEO of Zurich U.S. as the successor to Iordanou. Prior to that he was CEO of the Zurich U.S. Specialties strategic business unit.

Peter Eckert (1945), CEO Continental Europe Business Division. The Continental Europe Business Division includes the Swiss, Northern Europe and Southern Europe Regions. Eckert joined Zurich in 1979. He was the CEO of Zurich Switzerland (non-life and life) and a member of the Group Executive Board. In November 2000 he was appointed a member of the Executive Committee of the Group Management Board.

Martin (Marty) D. Feinstein (1948), CEO North America Consumer and Latin America Business Division. Marty Feinstein joined Zurich following the completion of the merger of B.A.T Industries' financial services operations with Zurich Insurance in 1998. He remains Chairman and CEO of the Farmers Group and Head of the North America Consumer Region and, in addition, assumes responsibility for the Latin American Region.

Steven M. Gluckstern (1951), CEO Global Asset Business Division. The Global Asset Business comprises Zurich Scudder Investments, Zurich Capital Markets, Centre, Capital Z Partners, and the other investing operations of the Group. From 1987 to 1998, Steven Gluckstern was a member of the Group Executive Board, CEO of Zurich Re, CEO of Zurich Centre Investments, as well as Chairman and CEO of the Zurich Centre Group. From mid-1998 through 2000, he established Capital Z, which manages alternative investments and private equity funds. In January 2001 he rejoined the Group Management Board as a member of the Executive Committee, responsible for the Global Asset Business.

Günther Gose (1944), CFO responsible for Group Finance since 1998. Gose joined Zurich as a member of the Group Executive Board in 1990. Before he was appointed CFO, Gose was CEO of the Zurich Life Insurance Company and had responsibility for Northern and Eastern Europe. In November 2000 he was appointed a member of the Executive Committee of the Group Management Board.

Constantine (Dinos) Iordanou (1950), Senior Executive Vice President -Group Operations and Business Development. He is responsible for strategy implementation and corporate leadership in Group operations and the business development functions. Iordanou reports to the Group CEO and is charged with the following Group responsibilities: the Customer Segment Practices and Technical Support (Consumer, Small Business, Wholesale, Commercial and Corporate), IT/e-Business/ Manufacturing and Services, Group Capabilities, Group Operational Planning and Performance Management, Group Internal Reinsurance, and Head Office Operations. Iordanou joined Zurich in 1992 as President of the Zurich-American Specialties strategic business unit. After serving in various management positions, he was appointed CEO of Zurich U.S. in 1999, and, in November 2000, CEO of the North America Corporate Region and a member of the Group Management Board.

Alexander (Sandy) P. Leitch (1947), CEO United Kingdom, Ireland, Southern Africa and Asia/Pacific Business Division. Sandy Leitch joined Zurich following the completion of the merger of B.A.T Industries' financial services operations with Zurich Insurance in 1998. He remains the Head of the UKISA (United Kingdom, Ireland, Southern Africa) Region and, in addition, assumes responsibility for the Asia/Pacific Region.

Frank Schnewlin (1951), Head of the Corporate Center and member of the Executive Committee of the Group Management Board, has decided to take this reorganization as an opportunity to redirect his professional interests. Having successfully implemented the first phase of the transformation, he will, after securing a smooth transfer of his activities, leave the company towards the end of this year.

Group Management Board as of July 9, 2001

In addition to the Members of the Group Executive Committee, the following executives remain members of the Group Management Board:

Note regarding the Global Reinsurance Business
As announced on March 22, 2001, Zurich Financial Services intends to exit the third party reinsurance business of Zurich Re. The details of the proposed transaction will be disclosed as soon as appropriate.

Zurich Financial Services Group (www.zurich.com) is a global leader in the financial services industry, providing its customers with integrated and web-enabled 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 approximately 35 million customers and employing approximately 70,000 people. The Group achieved gross premiums of USD 50 billion. This amount includes insurance deposits as well as premiums from the Farmers P&C Group. The net income was USD 2.33 billion. On December 31, 2000, the Group had USD 440 billion of assets under management of which USD 259 billion represent funds managed for third-party institutional and retail customers.

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