Zurich Group Germany appoints Deputy CEO

Zurich, December 11, 2002 – The Boards of Directors of Zürich Beteiligungs AG (Germany) and Deutscher Herold have appointed Eduard Thometzek, 52, Deputy Chief Executive Officer (CEO) of Zurich Group Germany and member of the Executive Committee of Zurich Continental Europe effective January 1, 2003.

Eduard Thometzek has a broad experience in the financial services industry. After various managerial positions in the Kaisers/Tengelmann group, the Bausparkasse Wüstenrot and Citibank, he joined the Württembergische Insurance Group in 1991. In 1995, he was appointed member of the Executive Board of the Württembergische Insurance Group where he was responsible for the consumer business, tariff rating, as well as claims and legal protection. Since the merger of the Württembergische Insurance Group with the Wüstenrot Group in 1999, he has been responsible for marketing and distribution. He participated in the repositioning of the Group in the German market.

In his position as Deputy CEO, Mr. Thometzek will have operational responsibility for the German business. His key tasks will include the implementation of numerous initiatives in the context of the group-wide Profit Improvement Program.

Axel P. Lehmann, CEO of the Business Division Continental Europe, said: "I look forward to working closely with Eduard Thometzek. After the fast and successful completion of the first important phase of integration of Zurich and Deutscher Herold, Eduard’s skill and breadth of experience will provide the leadership needed to further solidify Zurich’s strong position in a key market such as Germany. He will help drive the initiative to improve our profitability with the necessary discipline, and further develop our relationship with Deutsche Bank for the mutual distribution of products and services."