12 November 2004
Zurich Financial Services (Zurich) has been conducting a review of certain business practices with insurance brokers, assisted by external counsel of LeBoeuf, Lamb, Greene & MacRae. This review process, which includes a careful look at Zurich’s relationship with Marsh & McLennan as a result of the recent complaint filed against Marsh by the Office of the New York Attorney General, has led to the suspension of several employees of the Excess Casualty underwriting unit in the Specialties Business of Zurich North America Commercial.
Like many other companies in the industry, Zurich has been subpoenaed by the Office of the New York Attorney General to provide information as part of an industry-wide investigation. Zurich is complying with that request and it will continue to cooperate with the Office of the Attorney General.
The Group’s business relationship is built on ethical values as articulated in the "Zurich Basics." These values do not condone improper behavior, and Zurich will take action wherever such behavior has been found.
Zurich Financial Services is an insurance-based financial services provider with a global network that focuses its activities on its key markets in North America and Europe. Founded in 1872, Zurich is headquartered in Zurich, Switzerland. Zurich has offices in more than 50 countries and employs about 62,000 people.
For further information please contact:
Media and Public Relations
Phone: +41 (0)1 625 21 00, Fax: +41 (0)1 625 26 41, E-mail: media@zurich.com
Investor Relations
Phone: +41 (0)1 625 22 99, Fax: +41 (0)1 625 36 18, E-mail: investor.relations@zurich.com
Zurich Financial Services
Mythenquai 2, P.O. Box, 8022 Zurich, Switzerland
http://www.zurich.com
SWX Swiss Exchange/virt-x: ZURN
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