Zurich reviews certain business practices

Zurich, November 12, 2004 – Zurich Financial Services (Zurich) has been conducting a review of certain business practices with insurance brokers, assisted by external counsel of LeBoeuf, Lamb, Greene & MacRae. This review process, which includes a careful look at Zurich’s relationship with Marsh & McLennan as a result of the recent complaint filed against Marsh by the Office of the New York Attorney General, has led to the suspension of several employees of the Excess Casualty underwriting unit in the Specialties Business of Zurich North America Commercial.

Like many other companies in the industry, Zurich has been subpoenaed by the Office of the New York Attorney General to provide information as part of an industry-wide investigation. Zurich is complying with that request and it will continue to cooperate with the Office of the Attorney General.

The Group’s business relationship is built on ethical values as articulated in the "Zurich Basics." These values do not condone improper behavior, and Zurich will take action wherever such behavior has been found.