Zurich Board of Directors extends contract of James J. Schiro

Zurich, March 16, 2006 – Zurich Financial Services Group (Zurich) announces today that the Board of Directors has extended the contract of the Group’s Chief Executive Officer (CEO) James J. Schiro to December 2009.

Manfred Gentz, Chairman of Zurich’s Board of Directors, said: “We are pleased that James Schiro has agreed to extend his tenure. Now that the Group has regained its stature in the global market place, we must further enhance its brand and profitably grow its businesses. The Board recognizes James Schiro’s ability to inspire. James is respected as an articulate and forceful leader, both for Zurich and our industry, and we trust that he will bring the Group ever closer to fulfilling our ambition of becoming a leading global insurer.”

James J. Schiro (born 1946) was appointed CEO in May 2002. Under his leadership, Zurich achieved a turnaround based on financial discipline, organizational transformation and a sharp focus on profitable businesses. Mr. Schiro also initiated and personally saw through the installation of a new leadership team, thereby ensuring the sustainability of the turnaround and continued solid performance. The Group’s financial strength and its well-diversified portfolio of General and Life Insurance businesses will allow it to pursue profitable growth going forward.

In addition to serving on the board of directors of PepsiCo and Royal Philips Electronics, Mr. Schiro is active in a number of professional and civic organizations in Switzerland and the United States.