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."