Statement on U.S. tragedy

Zurich, September 12, 2001 - Zurich Financial Services is deeply saddened by the senseless acts that occurred Tuesday in the United States. As a significant member of the New York financial community, Zurich Financial Services has many long standing relationships with people involved in all aspects of that city's life. To all of them we offer our heart felt condolences. This is particularly true for our friends in the insurance broking, investment management, and banking sectors, many of whom were occupants of the World Trade Center. As it relates to our employees in New York, we are concerned about the safety of a few who are still unaccounted for. Our thoughts and prayers go out to their families and friends.

As a major US insurer and reinsurer, it is our business to reimburse clients for their losses and we shall do so diligently. With the very complex nature of coverages and unique events of Tuesday however, detailed estimates of Zurich Financial Services claims are premature and will take some time to develop. Our indication at this time is that net pretax losses will be less than USD 400 million or less than approximately 2% of consolidated shareholders' equity. We will update this estimate as and when more accurate information becomes available; our priority at the moment is to help all the people involved with the ongoing relief effort.