Zurich, June 1, 2005 – Zurich Financial Services Group (Zurich) today announced its intention to raise fixed rate, long-term subordinated debt (hybrid capital) in the euro institutional market. The euro denominated debt will be issued through the Zurich Insurance Company’s “Euro Medium Term Note Programme.” The transaction is expected to be sized to market demand. Terms will be finalized following investor marketing and subject to market conditions. Application will be made to list the notes on the Luxemburg Stock Exchange.
The funds raised will be used for general corporate purposes and to optimize the Group’s financing structure. The subordinated nature and long-term structure of these funds will strengthen the Group’s capital and improve its debt maturity profile. By placing the issue under the favourable prevailing market conditions, the Group will also continue to benefit from low interest rates.
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 57,000 people.
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Media and Public Relations
Phone: +41 (0)44 625 21 00, Fax: +41 (0)44 625 26 41
Investor Relations
Phone: +41 (0)44 625 22 99, Fax: +41 (0)44 625 36 18
Zurich Financial Services
Mythenquai 2, P.O. Box, 8022 Zurich, Switzerland
SWX Swiss Exchange/virt-x: ZURN
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