Restructuring of ZCM Unit

Zurich, November 12, 2002 – Zurich Financial Services today announced a restructuring of its subsidiary Zurich Capital Markets Inc. (ZCM), concentrating on Zurich Capital Market’s core strengths of asset management, customized structured products and client servicing to meet the needs of its clients invested in alternative assets.

David L. Wasserman, Chief Executive Officer of Zurich Global Assets, said, "Zurich Capital Markets has built a business creating innovative products for its clients. The restructuring of ZCM is in line with the Group’s strategy to concentrate on core markets and core products in targeted regions."

Stephen A. Sinacore, Chief Executive Officer of ZCM, added, "This allows us to sharpen our focus and concentrate on our asset management based products and our proprietary technologies that enhance client services."

As part of the restructuring, ZCM will reduce its investment in non-core businesses including parts of its structured finance business and certain operations in Sydney, Australia. The reduction in these activities will be conducted over the next several months.