Zurich sells General Insurance Business in Singapore to QBE

Zurich, May 21, 2004 - Zurich Financial Services Group (Zurich) announced today that, in line with Zurich’s strategy to focus on key markets, it has signed an agreement with QBE Insurance (International) Limited (QBE) for QBE to acquire 100% of the share capital of Zurich Insurance (Singapore) Pte. Ltd. (Zurich Singapore). The parties agreed to keep the price confidential. Subject to approval by the Monetary Authority of Singapore, the transaction is expected to close by the end of June 2004.

At the end of 2003, Zurich Singapore had Gross Written Premiums of
USD 35 million (SGD 59 million).