New CEO for Zurich Group Germany

Zurich, May 15, 2003 - Zurich Financial Services has appointed Eduard Thometzek, 52, as the new Chief Executive Officer (CEO) of Zurich Group Germany effective July 1, 2003. The current CEO Axel P. Lehmann will then focus on his role as Chief Executive Officer of the Continental Europe Business Division (Zurich Continental Europe).

Eduard Thometzek was appointed Deputy Chief Executive Officer of Zurich Group Germany and member of the Executive Committee of Zurich Continental Europe on January 1, 2003, with operational responsibility for the German business. Before joining Zurich, he had held various senior positions in the insurance and financial services industries.

Axel P. Lehmann, CEO of the Continental Europe Business Division, said: "After the successful completion of the integration of Deutscher Herold, we have strengthened our market position and positioned ourselves among the leading insurers in Germany. With his experience and his leadership qualities, Eduard Thometzek will successfully implement our important projects, especially the program to strengthen our profitability.