Zurich to Sell Singapore Operations to Australia’s QBE

May 24, 2004

Zurich Financial Services Group announced that it has signed an agreement with Australia’s QBE Insurance (International) Limited for QBE to acquire 100 percent of the share capital of Zurich Insurance (Singapore) Pte. Ltd.

The parties announced that they have agreed to “keep the price confidential.” The transaction is expected to close by the end of June 2004, subject to approval by the Monetary Authority of Singapore.

Zurich said the sale of its Singapore business was in line with its strategy to focus on key markets. At the end of 2003, Zurich Singapore had gross written premiums of $35 million.

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