New Member of Group Executive Committee appointed

Zurich, January 11, 2002 - Zurich Financial Services announced today the appointment of Axel P. Lehmann (42) to the Group Executive Committee as the new CEO of Zurich's Continental Europe Business Division, effective March 1, 2002. Axel Lehmann will take over in this function from Peter Eckert, who was appointed in December 2001 as Chief Operating Officer - Group Operations and Business Development, effective March 1, 2002.

Since joining the Zurich Group in 1996, Axel Lehmann has held various executive management and corporate development positions at Zurich Switzerland. He joined the Group Management Board in 2000 as Head of the Business Development Division with responsibility for the Consumer, Small Business and Wholesale Customer Segments at Group Head Office. Currently he is CEO of the Northern European Region and of Zurich Group Germany, positions he will continue to hold.

The Continental Europe Business Division includes the regions of Northern Europe, Southern Europe and Switzerland, as well as the Continental Europe Corporate (CEC) business unit, which is responsible for Zurich's corporate business in Continental Europe.