Schiro calls for closer official ties between Swiss and American Governments

Zurich, May 12, 2006 - In a speech before Swiss and American business leaders, James J. Schiro, Chief Executive Officer of Zurich Financial Services (Zurich), declared that economic realities demand stronger official ties between Switzerland and the United States.

"The interaction between countries cannot build on personal relationships alone; they must also be anchored on official structures," Mr. Schiro said. Citing the strong economic ties between the two nations, Schiro noted that "the official architecture is not quite as solid as our closely intertwined business activities are suggesting." The remarks were made in an address to the Swiss American Chamber of Commerce today in Geneva.

He called for a framework of treaties that would do justice to the robust business ties between Switzerland and the United States, highlighting the Swiss-US Trade and Investment Forum currently under discussion as a step in the right direction.   Mr. Schiro also recommended strengthening the ties between Swiss companies and foreign companies operating in Switzerland, suggesting that such an alignment could produce many positive results.

Note to editors:
The complete speech is available on Zurich's homepage www.zurich.com on the sector media relations.

Zurich Financial Services Group (Zurich) is an insurance-based financial services provider with a global network of subsidiaries and offices in North America and Europe as well as in Asia Pacific, Latin America and other markets. Founded in 1872, the Group is headquartered in Zurich, Switzerland. It employs approximately 55,000 people serving customers in more than 120 countries.