Rolf Hüppi to resign as Chairman

Zurich, April 19, 2002 - Zurich Financial Services announced today that Rolf Hüppi intends to resign as Chairman and Member of the Board of Directors following the forthcoming Annual General Meeting and upon the appointment of a new Chief Executive Officer.

As announced earlier Zurich intends to appoint a new CEO by mid-year 2002. Rolf Hüppi adds: "I have informed the Board of Directors that I consider it desirable and important that the new leadership of our Group can be established unencumbered by the ongoing public controversy surrounding me. Therefore, I shall, following the appointment of the new CEO, also step down as Chairman and will resign from the Board of Directors although my term of office does not expire until the Annual General Meeting in 2003. I remain very confident that Zurich is well positioned to master its future challenges."

The Board of Directors intends to appoint its current Vice Chairman Lodewijk van Wachem, subject to his re-election at the forthcoming Annual General Meeting, as its new Chairman.