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Zurich Australia Announces Agreement on Non-Core General Insurance Line

Zurich, November 28, 2002 - Zurich Financial Services Australia today announced it had entered into an agreement with QBE Insurance (Australia) Ltd in relation to one of its non-core general insurance lines – direct personal insurance. Subject to regulatory approval, from January 1, 2003, the book will be managed by the personal lines division of the QBE Group, which trades as Western QBE. In addition, Western QBE will be entitled to offer renewals to those direct personal lines clients. The transaction price is not disclosed.

After the planned transaction, Zurich Australia’s insurance activities will have a strong focus on primarily business insurance distributed through intermediary networks. Zurich will continue to provide personal general insurance cover through intermediaries.

Commenting on the arrangement, Sandy Leitch, CEO of Zurich UK, Ireland, Southern Africa (UKISA) and Asia Pacific, said, "The transaction is part of Zurich’s global strategy announced in September to focus on core businesses that achieve high and profitable growth."

Customers of the direct personal lines business will not be materially affected as a result of the transaction. A seamless transition for clients is planned with little anticipated change in service and product features. The majority of affected staff - approximately 55 employees - are being offered employment and comparable employment conditions by Western QBE.

For further information please contact:

Denise Shaw, Media Relations Manager
Zurich Financial Services Australia
Phone: (02) 9995-1390 or (0411) 178-546

or:

Zurich Financial Services, Media and Public Relations
8022 Zurich, Switzerland
Phone +41 (0)1 625 21 00, Fax +41 (0)1 625 26 41
http://www.zurich.com
SWX Swiss Exchange/virt-x: ZURN

Notes to Editors:

Direct Personal Lines
The direct personal insurance business comprises Zurich’s main portfolio of personal general insurance products sold directly to customers. Products included in this portfolio are direct home and contents, motor vehicle, jewellery and pleasure craft insurance.

Zurich Financial Services is an insurance-based financial services provider with an international network that focuses its activities on its key markets of North America, the United Kingdom and Continental Europe. Founded in 1872, Zurich is headquartered in Zurich, Switzerland. It has offices in approximately 60 countries and employs well over 70,000 people.