Zurich divests its interest in General Insurance business in Thailand

Zurich, December 22, 2004 - Zurich Financial Services Group (Zurich) announced today that it has divested its interest in Thai Zurich Insurance Company to Sri Brothers Co., Ltd and to Pailuck Co., Ltd. This step is in line with Zurich’s strategy to sharpen the focus of the Group’s General Insurance business and redeploy capital to its chosen target markets. The Thai Zurich Insurance Company’s name will change to reflect the change in ownership. Terms and conditions of the transaction have not been disclosed. The transaction was signed and closed on the same day.

Zurich’s global corporate customers (International Program Business) will continue to be serviced locally by Thai Zurich Insurance Company under new ownership.

Thai Zurich Insurance Company recorded approximately USD 42 million (THB 1.7 billion) of premiums written for the year ended December 31, 2003 on a local statutory reporting basis.