Zurich confirms guilty pleas of former employees

Zurich, November 16, 2004 – Zurich Financial Services (Zurich) confirmed today that two of its former employees have been charged with, and have pled guilty to, a misdemeanor violation of New York State antitrust law. These actions relate to the industry-wide investigation by the Office of the New York Attorney General into the business relationships between insurance brokers and insurance companies. The two individuals were underwriters in Zurich’s Excess Casualty Unit in the Specialties Business of North America Commercial.

Zurich had previously suspended these individuals as a result of its own review of business practices relating to brokers, which included a careful look at its relationship with Marsh & McLennan as a result of the recent complaint filed against Marsh by the Office of the New York Attorney General. The two individuals charged have since left the company.

Zurich continues its review and it will continue to cooperate with the Office of the New York Attorney General and other authorities.