Reduction of Equity Exposure

Endurance Interest sold to Endurance Holding Company

Zurich, September 27, 2002 - Zurich Financial Services has sold 100% of its direct equity investment of USD 100 million in Endurance Specialty Insurance Ltd., Bermuda, to Endurance Specialty Holdings Ltd., the holding company of Endurance Specialty Insurance. The proceeds of the transaction were USD 100 million. The Zurich investment was made as part of the initial capitalization of Endurance on December 14, 2001. An additional investment of USD 100 million was made by Capital Z Financial Services Fund II, L.P., in which Zurich is a limited partner with a minority share.

David Wasserman, Head of the Global Asset Business Division and Zurich’s Chief Investment Officer, said, "The sale of our interest in Endurance is in line with our intention to reduce our exposure to equity investments. This frees up risk-based capital that will be redeployed in core operations promising sustainable and profitable growth."

Endurance Specialty Holdings is a global provider of property and casualty insurance and reinsurance. The company commenced operations at the end of 2001 and it raised more than USD 1.2 billion from initial investors.