Zurich Financial Services appoints Chief Information Technology Officer

Zurich, December 11, 2002 - Zurich Financial Services has appointed Michael Paravicini, 41, Chief Information Technology Officer effective January 1, 2003. He will be a member of the Group Management Board and assume group-wide responsibility for information technology and its application. He will report to the Group’s Chief Operating Officer, Peter Eckert.

Since 2000, Michael Paravicini has been Chief Information Officer of Commerzbank in Frankfurt and member of the bank’s executive board. In that function, he was responsible for world-wide IT and operations, covering commercial businesses, asset management, investment banking, online banking, as well as the service units and data centers in Tokyo, Singapore, London and New York. Michael Paravicini graduated from Boston University with a B.Sc. in Business Administration in 1984.

James J. Schiro, Chief Executive Officer of Zurich Financial Services, said: "Michael’s leadership and organizational skills will be shaping our group-wide technology strategy and its implementation. I expect the smart and efficient use of technology to make an essential contribution to our profit improvement program".