Sandy Leitch to retire as CEO from UKISA/Asia Pacific

Zurich, December 18, 2003 - Zurich Financial Services (Zurich) announced today that Sandy Leitch, 56, will retire in spring of 2004 as Chief Executive Officer of the UKISA/Asia Pacific Business Division and Member of Zurich's Group Executive Committee after 33 years of dedicated service to the Group. Sandy Leitch started his career as an IT designer with Allied Dunbar, going on to eventually run it as its Chief Executive. He became leader of British American Financial Services (UK and International) and joined Zurich in 1998, following the merger with the financial services business of B.A.T Industries.

James J. Schiro, Chief Executive Officer of Zurich Financial Services said: "Sandy's passion for our business was an inspiration. We are grateful for his outstanding contributions to our Group and we extend him our best wishes for the future."

Sandy Leitch added: "My work has been such a huge part of my life and I am proud to have worked with so many fine colleagues and friends. I believe passionately in the worth of what we do and I will always do so. I feel now is the time to begin a new chapter in my life. I shall leave behind many wonderful memories and great friends."