Changes in Group Management Board

Zurich, 26. September 2001 - Axel P. Lehmann, member of the Group Management Board of Zurich Financial Services, has been appointed the new head of the Northern Europe region. Axel P. Lehmann will replace Heinrich Focke, who has been appointed chairman of the Gerling Group's board of directors. Heinrich Focke (1952) was very successful over a period of more than twelve years in various functions in Germany and at Group Head Office. He made a decisive contribution to the re-orientation of Zurich in Germany.

Axel P. Lehmann (1959) joined the Zurich Group in 1996 as a member of the executive management of Zurich Switzerland, where he was head of Corporate Development. In 1997, he was appointed head of the Zurich Switzerland Business Partner strategic business unit for small and medium-sized enterprises. Last year, he assumed his present position as head of the Business Development Division for Private Customers, Small and Medium-sized Enterprises (SMEs) and Wholesale at Group Head Office. He was appointed a member of the Group Management Board at the same time.

The Northern Europe region is part of the newly created Continental Europe Business Division of Zurich Financial Services Group. This encompasses the Northern and Southern Europe regions and Switzerland as well as the Continental Europe Corporate business unit, which is responsible for Zurich's corporate business in continental Europe.

The Zurich Financial Services Group (www.zurich.com) is a global leader of integrated financial services providing its customers solutions in the area of financial protection (non-life insurance and structured solutions) and asset gathering (life insurance and asset management). The Group focuses its activities on key markets, i.e. North America, UK, Switzerland, Europe and selected other markets where it has or can reach a competitive position. Founded in 1872, Zurich is headquartered in Zurich, Switzerland. It has offices in more than 60 countries employing approximately 70,000 people. In 2000, the Group achieved gross premiums of USD 50 billion. This amount includes insurance deposits as well as premiums from the Farmers P&C Group. The net income was USD 2.33 billion. On December 31, 2000, the Group had USD 440 billion of assets under management of which USD 259 billion represent funds managed for third-party institutional and retail customers.

For further information please contact:
Zurich Financial Services, Media and Information
8022 Zurich, Switzerland
Phone +41 (0)1 625 21 00, Fax +41 (0)1 625 26 41
http://www.zurich.com