License granted for life insurance in Poland

Zurich, January 7, 1998 - Zurich Handlowy Life Insurance, a new life insurance company jointly formed by the Zurich Group and Bank Handlowy in Poland, has been granted its license to conduct life insurance business by the responsible authorities.

As announced in mid-1997, Zurich has participated in the privatization of Bank Handlowy, Warsaw, by acquiring a 6 % stake in its share capital. An agreement was also made to establish joint insurance activities. In the meantime, the two subsidiaries, Zurich Handlowy Life Insurance SA and Zurich Handlowy Insurance SA, were created with each partner holding a 50 % share. The license to conduct non-life insurance is expected to be granted in Spring 1998.

Operating under Zurich management, both insurance companies will appear in the market as one organizational unit, and in Fall 1998 will start addressing selected market segments of corporate, commercial and personal life and non-life