Centre Supports Unitas' Refinancing of US$200 Million Container Portfolio.

Business Editors

LONDON--(BUSINESS WIRE)--April 13, 2000

Centre Solutions (Bermuda) Limited, a member of the Zurich Financial Services Group, announced today that it has provided an innovative insurance structure to enable Unitas Finance Limited to secure refinancing of its US$200 million finance lease portfolio, which consists of dry cargo, refrigerated and other specialized intermodal container equipment. Intermodal containers are an essential element in the conduct of world trade. Globally, this type of equipment and the vessels in which they are transported, constitute a significant proportion of an industry which employs assets of approximately US$150billion.

In addition to Centre's support, new banking lines have been opened with ING Barings to supplement the existing relationship with The Sumitomo Bank, Limited. This strong relationship among major financial institutions will enable Unitas to enhance its already well-established position.

Darrell Ponniah, Chief Executive of Unitas Finance Limited, the Bermuda-based finance company, said: "There are a number of important reasons why the market for financing shipping line-owned containers will grow substantially. New containers are attractively priced right now and container traffic is expected to continue to grow at a significantly faster rate than the world economy. Also the major shipping lines are focussing on improving their long term profitability and return on equity. Unitas' ability to help shipping lines own a larger proportion of their container fleet will greatly facilitate achievement of these goals. With Centre's support, Unitas has access to the long term capital needed to develop its business."

The Centre structure includes support which enables Unitas to fund its business and meet its financial commitments while allowing control of the business to remain with Unitas' management. Centre's support is triggered when there is insufficient cash flow to meet its scheduled debt repayments.

Oscar Tymon, of Centre Reinsurance Representatives Ltd, the London representative office of Centre Solutions (Bermuda) Limited, said: "We believe Centre's flexibility and innovation will play an important role in Unitas' long-term growth plans. Centre Bermuda's support of Unitas' refinancing of their existing portfolio, will enable Unitas' management to diversify and grow the current portfolio as well as develop different types of lease structures and other asset classes in the future."

The support provided to Unitas is a further illustration of Centre's ability to support sometimes complex and unique financial structures through the innovative use of insurance, enabling clients to manage risk and secure more attractive financial support.

Unitas was formed in mid-1997 by Darrell Ponniah, Nigel Stribley, Danny Wong and Geoff Mornard, all of whom previously held senior management positions with the Cronos Group, a quoted specialist operating lease container finance company.

Unitas' principal aim is to provide specialist container financing capabilities and its customers already include eight out of the top 20 container shipping lines.

Centre, a member of Zurich Financial Services, is a full-service provider of customised insurance, reinsurance, structured finance and risk management programmes. Centre has offices in Bermuda, Dublin, Hong Kong, London, New Jersey, New York, San Francisco, Sydney and Zurich.

Centre reported US$1.2 billion of capital and surplus, and $3.9 billion of total assets as of year-end 1998, with total revenues of $600 million in the year ended December 31, 1998. The Centre group of companies enjoys a Standard and Poor's Corporation "AA" or "Excellent" Financial Strength and Counterparty rating and is rated "A" or "excellent" by A.M. Best Company.

The Zurich Financial Services Group is a global leader in the financial services industry, providing its customers with solutions in the area of financial protection and asset accumulation. The Group concentrates its activities in four core businesses: non-life and life insurance, reinsurance 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 over 35 million customers and employing 68,000 people. Based on consolidated figures for 1999, the Group achieved gross premiums of USD 48 billion. This amount includes insurance deposits as well as premiums from the Farmers Exchanges. The net income amounted to USD 3.26 billion. On December 31, 1999, the Group had USD 442 billion of assets under management of which USD 264 billion represent funds managed for third-party institutional and retail customers.