Rolf Hüppi to give up dual mandate by mid-2002

Zurich, February 25, 2002 - Zurich Financial Services announced today that Rolf Hüppi has decided to step back as the Group's Chief Executive Officer by mid-2002 and subsequently concentrate on his mandate as Chairman of the Board. Zurich will announce his successor as CEO at the appropriate time.

As previously released, Peter Eckert, as Chief Operating Officer - Group Operations and Business Development, and James Schiro, as Chief Operating Officer - Group Finance, will take over their operational responsibilities as of March 1, 2002.

Also effective March 1, 2002, David L. Wasserman has been appointed to the Group Executive Committee as the new CEO of Zurich's Global Asset Business Division. David L. Wasserman takes over this function from Steven M. Gluckstern, who has decided to pursue other interests outside the Group following the repositioning of the asset management business and the transaction with Deutsche Bank that will lead to the divestment of Scudder.