Zurich Insurance Ireland Limited obtains authorization to underwrite Global Corporate business through European branch

Zurich, May 24, 2005 – Zurich Financial Services Group (Zurich) announced today that Zurich Insurance Ireland Limited (ZIIL), formerly Eagle Star Insurance Company (Ireland) Ltd., will become a EU-wide risk carrier for Global Corporate business with the ability to operate through a branch network under the EU Non-Life Insurance Directives. This new structure is aligned to Zurich's strategy of creating a more effective organization by achieving centrally co-ordinated and therefore more efficient capital management. ZIIL will specialize in offering insurance cover for cross-border risks and related services to European corporate customers. ZIIL is rated A+/Negative by Standard & Poor’s.

As a first step, ZIIL has established a branch office, Zurich Insurance Ireland Limited UK Branch, which is located in London and will become operative as from May 24, 2005. It will underwrite insurance cover for non-UK domiciled business for Zurich Global Corporate UK’s customers.

In the course of this streamlining of legal entities, both Zurich Insurance Ireland Limited and Eagle Star Life Assurance Company of Ireland Limited will become separate subsidiaries of Zurich Insurance Company which is rated A+/Negative by Standard & Poor’s. Both entities were formerly subsidiaries of Zurich entities in the UK and both will continue to trade as Eagle Star in Ireland. 

In addition to facilitating the development of Zurich's Global Corporate Business in Europe, this initiative will significantly strengthen Zurich's position in the Irish market, where ZIIL is at the forefront of competition and enjoys a rating of A+.