Zurich Financial Services Group Names Constantine Iordanou Senior Executive Vice President-Group Operations and Business Development

Dateline: 11/07/2001

John Amore Assumes Responsibility for Zurich North America Corporate Region and Zurich Corporate Solutions

SCHAUMBURG, IL, July 11, 2001 -- Zurich Financial Services Group (SWX: ZURN; LSE: ZURN.L) announced at its annual Management Conference the appointments of Constantine Iordanou, 51, to the newly created position of Senior Executive Vice President-Group Operations and Business Development, and John Amore, 52, to Chief Executive Officer, North America Corporate Business Division. Both executives will serve on Zurich’s Group Executive Committee, headed by Zurich’s Chairman and CEO Rolf Hüppi.

In his new position, Mr. Iordanou will oversee strategy implementation and corporate leadership in Group operations and business development functions. Reporting directly to Mr. Hüppi, he will be responsible for the Group’s Customer Segment Practices and Technical Support (Consumer, Small Business, Wholesale, Commercial and Corporate), IT/e-Business/Manufacturing and Services, Group Capabilities, Group Operational Planning and Performance Management, Group Internal Reinsurance, and Head Office Operations. Mr. Iordanou joined Zurich in 1992 as President of the Zurich-American Specialties strategic business unit. After serving in various management positions, he was named CEO of Zurich U.S. in 1999, and, in November 2000, CEO of the North America Corporate Region and a member of the Group Management Board.

As CEO of the Zurich North America Corporate Business Division, Mr. Amore will assume responsibility for the North America Corporate Region from Mr. Iordanou, and in addition, will head the global business of Zurich Corporate Solutions. Mr. Amore joined the Group in 1992. In December 2000, he was promoted to CEO of Zurich U.S. as the successor to Mr. Iordanou. Prior to that, he was CEO of the Zurich U.S. Specialties strategic business unit.

Zurich North America (www.zurichna.com) is a leading commercial property-casualty, health and accident insurance provider serving the multinational, middle market and small business sectors in the United States and Canada. Headquartered in Schaumburg, Ill., Zurich North America has 11,650 employees and writes $8.0 billion in annual premiums. Zurich North America business units are the Zurich U.S. pool of companies (Corporate Customer, Middle Markets, Small Business, Strategic Partnerships, Construction, Specialties, Zurich Global Energy, Warranty, Surety & Financial Enterprises, Empire Fire and Marine and Universal Underwriters Group) and Zurich Canada. The Zurich U.S. pool of companies is rated A+ (Superior) by A.M. Best and AA+ (Excellent) by Standard & Poor’s. Zurich North America is a member of the Zurich Financial Services Group.

Zurich Financial Services Group (www.zurich.com) is a global leader in the financial services industry, providing its customers with integrated and web-enabled solutions in the area of financial protection and asset accumulation. The Group concentrates its activities in five business segments: non-life and life insurance, reinsurance, Farmers Management Services, and asset management. Headquartered in Zurich, Switzerland, the Group's worldwide presence builds on strong positions in its three key markets -- the United States, the United Kingdom and Switzerland. It has offices in more than 60 countries reaching approximately 35 million customers and employing approximately 70,000 people. The Group achieved gross premiums of USD 50 billion. This amount includes insurance deposits as well as premiums from the Farmers P&C Group. The net income was USD 2.33 billion. On December 31, 2000, the Group had USD 440 billion of assets under management, of which USD 259 billion represent funds managed for third-party institutional and retail customers.

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Media contacts:

Patricia Schnably
Zurich North America
847-605-6372
pat.schnably@zurichna.com

Betty Schwartz
Miller DeMartine Group
201-567-7783
bschwartz@mdgpr.com