Sale of Turegum

29 October 2004

Zurich Financial Services Group (Zurich) has today sold Turegum Insurance Company (Turegum) to Harper Holding Sarl, a subsidiary of Castlewood Holdings Limited. The transaction was closed effective as of July 1, 2004.

Under the terms of the agreement Zurich has provided Turegum with a defined level of protection against future adverse loss developments in the Turegum book of business. Turegum’s main business was reinsurance conducted out of the London branch. From 1962 to 1992 it had been an active underwriter in the London market. In 1992 the branch ceased to write new business and it was subsequently placed in run-off. The transaction allows Zurich to reduce asbestos and environmental net reserves.

-Ends-

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