Zurich, February 4, 2005 – Zurich Financial Services Group (Zurich) announced that Centre Group, a subsidiary of Zurich, and Equitas have reached an agreement to commute policies purchased from Centre by Lloyd's syndicates reinsured by Equitas. As a result of the agreement, Centre paid Equitas USD 547 million. The commutation effectively eliminates the Centre Group's exposure to syndicates reinsured by Equitas. Centre previously recognized these liabilities on its balance sheet in the regular course of business in accordance with the applicable accounting policies. This commutation represents significant progress in the overall run-off of Centre's liabilities.
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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
