Zurich Financial Services in London Adds Emerging Markets Trade Credit Insurance Presence.

Business Editors

SCHAUMBURG, Ill.--(BUSINESS WIRE)--Aug. 25, 2003

Facilitates Access by the U.K. Market to Zurich's Trade Credit

Insurance

Zurich North America and Zurich London announced today that George Bolton has joined the London office as their first trade credit insurance underwriter in that location. Bolton, who transferred from Zurich's Washington, D.C. office, is responsible for developing medium-term trade credit insurance solutions for exporters to emerging markets and the financial institutions that support these transactions.

"George's presence in London will enable us to better serve the credit insurance needs of U.K.-based companies and other customers who access this coverage through brokers in the U.K." said Daniel Riordan, executive vice president and managing director of the Zurich Emerging Markets group. "George's depth of experience and Zurich's reputation in the industry will allow him to collaborate with multilateral agencies, as well as public agencies and private insurers dealing in emerging markets, to provide the medium-term trade credit insurance solutions that customers need."

Martin South, head of Zurich London, stated: "George is joining a very strong political risk team already in London. Together, they have the experience and resources to keep international trade and investments soundly protected in even the most volatile places."

George Bolton joined Zurich in January 2001 to serve as senior underwriter for the Credit Insurance group in Washington and was named assistant vice president in 2002. Previously, he was director of political risk insurance & project finance at Export Finance & Insurance Corporation (EFIC), the Australian Export Credit Agency. Prior to EFIC, he worked at Banque Nationale de Paris as assistant general manager of the Structured Finance Division. Bolton holds an Honours degree in Economics from the University of Guelph in Ontario.

Zurich North America and Zurich London are part of the Zurich Financial Services Group.

Zurich Emerging Markets Solutions (www.zurichna.com/politicalrisk) is a global political risk and credit insurance group based in Washington, DC, with offices in London, Barcelona, Hong Kong, Singapore and Tokyo. ZEMS conducts business in over 90 emerging markets and provides political and credit risk solutions to financial institutions, multinational corporations, export credit agencies and multilateral institutions and is a member of the Berne Union International, an international union of credit and investment insurers.

Zurich North America (www.zurichna.com) is a leading commercial property-casualty 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 12,750 employees and wrote $13.6 billion in premiums in 2002. Zurich North America includes the Zurich U.S. business units (Corporate Customer, Middle Markets, Small Business, Strategic Partnerships, Construction, Specialties, Zurich Global Energy and Empire Insurance Companies), as well as Universal Underwriters Group, Zurich North America Canada, Zurich Corporate Solutions and Centre. The Zurich U.S. pool of companies is rated A (excellent) by A.M. Best and A+ (strong) by Standard & Poor's.

Zurich London (www.zurichlondon.com) is a leading provider of specialty insurance products and tailored solutions to corporate customers accessing the London market. All business received by Zurich London is underwritten by companies within the Zurich Financial Services Group.

Zurich Financial Services (www.zurich.com) 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 more than 50 countries and employs about 64,000 people.

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