Zurich sells Universal Underwriters Group to Hellman & Friedman LLC

Zurich, April 4, 2005 – Zurich Financial Services Group (Zurich) and Hellman & Friedman LLC (H&F), a private equity investment firm headquartered in San Francisco, have signed a stock purchase agreement for the sale of Zurich’s wholly owned Universal Underwriters Group (Universal Underwriters) to an investor group led by H&F. The transaction is valued at approximately USD 1.1 billion and expected to close in the third quarter of 2005, subject to regulatory approval.

James J. Schiro, Chief Executive Officer of Zurich Financial Services, said, "Universal Underwriters’ business model is no longer in line with our unified operating model and brand for Zurich’s North American Commercial businesses. The transaction provides Zurich with an attractive price and allows us to focus our resources and attention on our core markets and businesses. H&F is a partner that will help Universal Underwriters to capture identified business opportunities that currently fall outside of Zurich’s strategy."

Headquartered in Overland Park, Kansas, Universal Underwriters Group was founded in 1922 and acquired by Zurich in 1982. Universal Underwriters is the leading provider of specialized insurance and financial services to franchised auto, truck, equipment and motorcycle dealers and the automotive aftermarket in the United States. For the fiscal year ended December 31, 2004, Universal Underwriters generated gross written premiums and fees of USD 1.5 billion.