Hugh Graham / Pierre Wauthier

Zurich, September 28, 2007 – Zurich Financial Services Group (Zurich) today announced changes in its Group treasury department:

Hugh Graham (46, UK citizen), currently Group Treasurer, has been appointed to the newly created position of Managing Director, Banking, effective October 1, 2007. In his new role, he will be responsible for developing Zurich’s banking operations as a source of profitable growth. This will include the development of local and cross border initiatives in partnership with Zurich’s insurance businesses. He will be succeeded as Group Treasurer by Pierre Wauthier (see below). Hugh Graham will report to Patrick O’Sullivan, Zurich’s Chief Growth Officer, and will be based in Zurich.

Hugh Graham joined Zurich in 2004 as Group Treasurer. Before that he was Corporate Treasurer of the AMP Group in Australia and Deputy Group Treasurer at Barclays Bank in London. Prior to that, he held various positions in the derivatives area of BZW in London, Tokyo and Sydney. He holds a master’s degree in medieval history from St. Andrews University in the United Kingdom.

Pierre Wauthier (47, French & British citizen), currently Chief Financial Officer of the Farmers Group, has been appointed Group Treasurer and Head of Finance Operations, effective October 1, 2007. He will succeed Hugh Graham (see above). In his new role as Group Treasurer, he will be working towards further strengthening Zurich’s balance sheet and driving the Group’s focus on capital management. Furthermore, in his capacity as Head of Finance Operations he will be responsible for overseeing and further developing the efficiency and effectiveness of Zurich’s Finance operations and structures across the Group. Pierre Wauthier will report to Dieter Wemmer, Zurich’s Chief Financial Officer, and will be based in Zurich.

Pierre Wauthier joined Zurich in 1996 as Head of Credit & Investment Risk Management. He has been Executive Vice President and Chief Financial Officer of the Farmers Group since 2002. Prior to that, he held various senior positions within Zurich’s Group Finance Executive Team among others as Head of Investor Relations and Rating Agencies. Before joining Zurich, he worked with J.P. Morgan in London and Paris. Pierre Wauthier holds a Diploma (MBA equivalent) in finance from l’Ecole des Hautes Etudes Commerciales in France as well as a Maitrise (Master’s) degree in Private Law from the Sorbonne University in Paris.