Zurich completes issuance of senior debt

17 September 2004

Zurich Financial Services Group (Zurich) today completed the issuance of EUR 1 billion of 10-year senior debt in the Euro market. The transaction has met with a very positive investor response and was more than three times oversubscribed. The proceeds will be used for refinancing and for general corporate purposes.

The debt has been issued by Zurich Finance (USA) Inc, under Zurich Insurance Company’s "Euro Medium Term Note Programme." The coupon has been set at 4.5%, which equated to a spread of 0.38% over mid-swaps and 0.497% over the reference government bond.

Patrick O’Sullivan, Group Finance Director of Zurich Financial Services, said; "We are pleased with the success of this transaction. The strong investor demand and the competitive pricing achieved confirm the regained financial standing of Zurich Financial Services."

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Notes to editors:

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:

Zurich Financial Services
Media and Public Relations
8022 Zurich
Switzerland
Tel: +41 (0) 1 625 21 00
Fax: +41 (0) 1 625 26 41
http://www.zurich.com
SWX Swiss Exchange/virt-x:ZURN

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