Bico to Head Zurich’s Portugal Operation

October 20, 2006

Zurich Financial Services Group has appointed António Bico (53) as the CEO) of Zurich in Portugal effective April 1, 2007. He will report to Theo Bouts, COO Europe General Insurance, and be part of the extended Europe General Insurance Executive Committee.

Bouts commented: “With a market share of seven percent, Zurich in Portugal consistently contributes to our overall results and has a great potential to grow profitably. I am delighted that António Bico will ensure continuity and I trust that he will take Zurich in Portugal to the next level of success.”

Bico joined the claims department of Zurich in Portugal in 1970. Since then he has held a variety of management positions, most recently as Chief Underwriting Officer.
José Coelho (59), the current CEO of Zurich in Portugal since 1993, will retire on March 31, 2007. It is planned that he will join the Board of Directors of Zurich in Portugal as its Chairman later in 2007. The current Chairman, Nuno Fonseca, will remain on the Board.

“I would like to thank José for the outstanding service he has provided to Zurich over the years. We are happy that we can further count on his broad experience,” Bouts added.

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