James J. Schiro appointed Chief Executive Officer of Zurich Financial Services

Zurich, May 14, 2002 - The Board of Directors of Zurich Financial Services announced today that it appointed James J. Schiro (1946) Chief Executive Officer of the Group with effect from May 17, 2002. James Schiro joined the Group in March 2002 as Chief Operating Officer - Group Finance. Before joining Zurich, Schiro was Chief Executive Officer of PricewaterhouseCoopers.

At this time, as previously announced, Rolf Hüppi will step down as Chairman and Member of the Board of Directors and as Chief Executive Officer. The Board of Directors expresses its recognition for the significant contribution Rolf Hüppi made to the development of the Group during his career.

James J. Schiro

Chief Executive Officer

James Schiro is a graduate of St. John's University, New York, where he received a Bachelor of Science degree in Accounting and Business Administration. He is also a graduate of Dartmouth College, The Amos Tuck School Executive Program. In addition, he is also a Certified Public Accountant.

In 1967 James Schiro joined Price Waterhouse and has held various management positions including National Director, Mergers & Acquisitions and Vice-Chairman and Managing Partner, New York Metropolitan Region. In 1994 he was elected Chairman and senior partner of Price Waterhouse. From 1995 to 1998 he integrated the US and European and other global operations of Price Waterhouse and was elected Chief Executive Officer of the new company. In 1998 he led the creation of PricewaterhouseCoopers, the largest professional services firm with the global merger of Price Waterhouse and Coopers & Lybrand and was elected its Chief Executive Officer.

He is very active in various professional, international and civic organizations, including the Council of the World Economic Forum, Institute for Advanced Study and St. John's University.

James Schiro joined Zurich Financial Services as Chief Operating Officer - Group Finance in March 2002 and at the same time became a member of the Group Executive Committee.

He was appointed Chief Executive Officer of the Zurich Group in May 2002.