Zurich Singapore Sale to QBE Completed

July 1, 2004

Zurich Financial Services Group (Zurich) announced the completion of the sale of 100 percent of the share capital of Zurich Insurance (Singapore) Pte. Ltd. (Zurich Singapore) to QBE Insurance (International) Limited (QBE).

Details of the transaction, announced on May 21, 2004 (See IJ Website May 24) were not disclosed.

At the time 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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