1. rechter Rand right margin marge droite margine destra WELCOME! Corporate and Middle Market Broker Advisory Councils Mike Golden Head of Distribution Management Zurich Global Corporate, North America

2. 2 Broker Advisory Council Antitrust Statement Statement of Policy "It is the policy of Zurich in North America (Zurich) and the members of its Broker Advisory Council to comply strictly with all laws applicable to Zurich's activities. The Council emphasizes the ongoing commitment of Zurich of full compliance with Federal and state antitrust laws. Therefore, discussion of any matters relating to competition among our participants or relating to practices that may restrain trade with third parties is not permitted. This includes prohibited subjects such as prices, discounts, allocating territories or customers, or any other statements that could be construed as being anti-competitive. These guidelines will help us all to limit our antitrust risk." Responsibility for Antitrust Compliance The Council's membership structure and programs have been carefully designed and reviewed to ensure their conformity with antitrust standards. Each Council member is equally responsible for antitrust compliance. Each Council member depends upon good judgment by all to avoid discussions and activities which could involve improper subject matter or improper procedures - or even the appearance of improper activity. Thus, all concerned have an important and individual responsibility for assuring that Council activities comply with the antitrust laws.

3. 3 WELCOME  Who’s here?  Why are we here?  What are our collective expectations?  How are we going to spend our time?

4. 4 Who’s here 37 Broker members 24 Zurich Executives & Speakers

5. 5 Vision  The vision of the Zurich North America Broker Advisory Council is to advance, differentiate and set new industry standards for the quality of products and services that Zurich and its brokers provide to the customers we collectively serve. Mission  The mission of the Zurich North America Broker Advisory Council is to foster the highest levels of company/broker communication and idea sharing through transparent, open and productive discussions about the full range of critical business and risk issues, perspectives and concerns facing our organizations and our customers. Why are we here

6. 6 Member Tools Membership Guide “Members-only” web site Membership Card

7. 7 Our Collective Expectations  Alignment around delivering sustainable excellence to our mutual customers;  Greater insight and appreciation for the “other side”;  Willingness to be an information channel into our respective organizations;  Commitment to use this council as continuing “experience” instead of a meeting;  We will be accountable to react and respond to the “take-aways”; and  We all leave here tomorrow saying… “I learned something that is of value to me and my organization right now!”

8. 8 Agenda 2:15Welcome, Overview, Intros – Mike Golden 7:00Breakfast, Surfside A/B7:00Breakfast, Surfside A/B 2:45Zurich Update – Mike Kerner Overview of D&RM / Business Units – Randall Clouser, Vince Tizzio & Craig Fundum 8:00Breakout Sessions: CBAC -> Tides Room MMBAC-> Cove Room 8:00 – 10:45 Breakout Sessions CBAC -> Tides Room MMBAC -> Cove Room 4:00BREAK12:00Box Lunch, Coastal Patio 4:15Regulatory & Legislative Update – Dan Dunmoyer & Jack Quinn 1:00Group Activities11:00 General Session: Open Forum / Q&A -> Dunes Ballroom 6:15Departure for Dinner – Meet in Lobby 5:30Closing – Day 1 – Randall Clouser 6:30 – Cocktails, Lucca Patio 7:15 – Dinner, Lucca Garden Room 8:45 – Dessert, Scotch & Cigars 10:00 – Transfer to hotel 12:00 pm – Closing Box Lunches Departures 6:30Cocktail Reception – Main Resort 7:30Dinner – Main Resort WednesdayThursdayFriday

9. Zurich North America Update rechter Rand right margin marge droite margine destra Mike Kerner Chief Executive Officer, Zurich Global Corporate in North America

10. © Zurich American Insurance Company 10 How we measure ourselves Customer Centricity Top quartile customer satisfaction Growth at or above the overall insurance market across the cycle AA-level financial strength We aspire to become the best global insurer as measured by our customers, our shareholders and our employees Employer of Choice High quality engagement scores High quality retention rates Shareholder Value Top tier performance in each of our businesses 16% BOPaT ROE across the cycle Paying a sustainable and attractive dividend Top-quartile Total Shareholder Returns (TSR) 10

11. © Zurich American Insurance Company 11 GI to deliver on its targets by focusing on 4 strategic focus areas GI’s 4 strategic focus areas Global and simple approach to serving our customers Focus on continuously improving our business and expense management Focused value- creating growth initiatives Enhancing technical capabilities and developing our people III IIIIV

12. © Zurich American Insurance Company 12 Zurich HelpPoint in action With an unprecedented number & severity of catastrophes in 2011, Zurich has initiated more than 1,000 customer contacts 2011 is already highest loss year on record globally: earthquakes, tsunami, floods and tornadoes are the primary causes of loss $260B in economic losses globally $55B in insured losses globally: more than 4x the 10-year average Risk Insights Access to content from Harvard Business Review through Zurich Risk Gateway Launched Wall Street Journal microsite dedicated to Supply Chain Risk Free access to Culture Wizard which contains cultural awareness courses and culturally-focused country profiles on over 140 countries 12

13. © Zurich American Insurance Company 13 2011 half year results from our three core business segments General Insurance Serving individuals, small and medium-sized businesses, commercial enterprises and major multinational corporations USD 18,876 m Gross written premiums and policy fees, first half of 2011 USD 1,106 m Business operating profit, first half of 2011 1 Result concerns FMS only Farmers Including Farmers Management Services (FMS) and Farmers Re USD 1,375 m FMS management fees and other related revenues, first half of 2011 1 USD 729 m Business operating profit, first half of 2011 Global Life Offering life insurance, investments, savings and pension propositions to individuals and groups USD 13,267 m Gross written premiums, policy fees and insurance deposits, first half of 2011 USD 728 m Business operating profit, first half of 2011 Corporate presentation

14. © Zurich American Insurance Company 14 (1)After tax; In 2011 new business figures have been determined including liquidity premium in the discount rate and, for greater consistency with other European Insurers, a cost of capital applied to residual non-hedgeable risks of 4%. The 201 comparatives have been restated to reflect changes. A refinement in methodology for calculating new business value for Corporate Risk business was introduced in 2011 contributing USD 84m to new business value, after tax in the first six months of 2011. (2) Margin on gross earned premiums of the Farmers Exchanges. Zurich Financial Services Group has no ownership interest in the Farmers Exchanges. Farmers Group, Inc., a wholly owned subsidiary of the Group, provides management services to the Farmers Exchanges and receives fees for its services. Financial highlights In USD millions for the six months to June 30 2011 2010 Change _________________________________________________________________________ ________ Business operating profit (BOP) 2,132 2,286 -7% Net income attributable to shareholders 1,965 1,642 20% General Insurance combined ratio 99.3%98.0% -1.4pts Global Life new business value (1) 511 405 26% Farmers Mgmt Services managed GEP margin (2) 7.2% 7.4% -0.2pts Shareholders equity 31,153 31.984 -3% Return on common shareholders’ equity (ROE) 12.5% 11.5% 1.0pts Business operating profit (after tax) ROE 10.5% 12.4% - 1.8pts

15. © Zurich American Insurance Company 15 Business operating profit by segment In USD millions for the six months to June 30 2011 2010 Change ____________________________________________________________________________________ _ General Insurance 1,106 1,377 - 20% Global Life 728 720 1% Farmers (including Farmers Re) 729 845 - 14% Other Operating Businesses - 397 - 361 - 10% _________________________________________________________________________ __ Total BOP Operating business segments 2,167 2,581 - 16% Non-Core Businesses - 34 - 295 88% _________________________________________________________________________ __ Total BOP 2,132 2,286 - 7% 15

16. © Zurich American Insurance Company 16 Top line development by segment In USD millions for the six months to June 30 2011 2010 Change Change in LC (1) _________________________________________________________________________________ _______ General Insurance GWP and policy fees 18,876 17,940 5 % 0 % _______________________________________________________________________ __ Global Life GWP, policy fees and insurance 13,267 13,111 1.2% -5 % deposits Annual Premium Equivalent (APE) (2) 1,899 1,716 11% 4 % _______________________________________________________________________ __ Farmers Farmers management fees 1,375 1,399 -2 % - 2 % Farmers Re GWP 1,481 2,491 - 41% - 41 % (1) Local Currency (2) Gross new business Annual Premium Equivalent (APE) 16

17. © Zurich American Insurance Company 17 General Insurance – key performance indicators In USD millions for the six months to June 30 2011 2010 Change Change in LC (1) _____________________________________________________________________________________ ______ GWP and policy fees 18,876 17,940 5% 0% Rate change (2) 3.2% 2.0% 1.2pts __________________________________________________________________________ ______ Loss ratio 72.8% 71.0% - 1.8pts Expense ratio 26.5% 27.0% 0.5pts Combined ratio 99.3% 98.0% - 1.4pts __________________________________________________________________________ ______ Business operating profit 1,106 1,377 - 20% -23% (1) Local Currency (2) For details, please refer to specific notes on the following slide “Rate Change Monitor” 17

18. © Zurich American Insurance Company 18 2011 estimated economic and regulatory solvency 232% 239% 242% +9pts-6pts Dec 31 2010 (2) Mar 31 2011 June 30 2011 Statutory solvency ratio / Group’s Solvency I (1) (1) Solvency I requirements in accordance with the Swiss Insurance supervisory law. (2) Finalized and as filled with the Swiss regulator; after 20010 dividend (slightly lower than estimate disclosed at Q4-10) (3) The accrual for a future dividend, which is calculated as a proportional fraction of the 2010 dividend, does not represent and obligation to pay a particular amount. The 2011 dividend to be proposed to be proposed to the AGM will be the decision of the Board in February 2012. Movements in Q2-11 Impact from dividend accrual (3) 18

19. © Zurich American Insurance Company 19 Zurich Newz Zurich’s Credit and Political Risk group voted ‘Best Private Insurer,’ ‘Best Trade Insurer in Asia’ and ‘Best Trade Insurer in North America’ by readers of Trade Finance magazine St. Jude Children’s Research Hospital names Zurich ‘Employee Giving Partner of the Year’ Zurich named as the top rated construction insurer by National Underwriter’s 2011 ‘Risk Manager Choice Awards’ Zurich/Farmers healthcare programs win United Health Care APEX award Zurich named Best Overall Commercial Insurance Provider in National Underwriter Risk Manager Choice Awards Zurich’s Supply Chain Insurance and Assessment products garner Business Insurance Innovation Award Advisen names Zurich as one of the top New Product Pacesetters for 2010 19

20. Overview Business Units/Distribution & Regional Management rechter Rand right margin marge droite margine destra Mike Kerner CEO, Global Corporate North America Randall Clouser Head of Distribution & Regional Management Vince Tizzio Head of Commerical Markets, Customer Industry Segments & Canada Craig Fundum President, Programs & Direct Markets

21. 21 Q&A

22. 22 BREAK

23. 23 Welcome Dan Dunmoyer & Jack Quinn

24. Regulatory & Legislative Update from Washington rechter Rand right margin marge droite margine destra Dan Dunmoyer, SVP, Head of Government and Industry Affairs, Americas, Zurich Financial Services and Farmers Insurance Group Jack Quinn, former Counsel to President Bill Clinton; co-founder and chairman of Quinn Gillespie & Associates

25. 25 8/13/2010 25 Overview  Dodd-Frank Update  Regulatory Authority  Systemic Risk Designation - The Financial Stability Oversight Council Structure and Designation Process  Systemic Risk Designation – FSOC Activities to Date  Systemic Risk Designation – Designation and Next Steps  Systemic Risk: Global Activity  Solvency II  NAIC Solvency Activity  TRIA

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27. 27 Dodd-Frank Act: Regulatory Authority Consumer Financial Protection Bureau Federal Trade Commission U.S. Securities and Exchange Commission Commodity Future Trading Commission State Insurance Department of Treasury Federal Energy Commission FDIC Federal Reserve Office of Thrift Financial Stability Oversight Commission Office of the Controller National Credit Union Administration Federal Housing Agency FSOC: Authority to recommend to Federal Reserve capital requirements for covered non- bank companies and covered bank holding companies FDIC: Establishes a receiver process for financial companies deemed to pose a systemic risk to the financial stability of the United States 27

28. 28 8/13/2010 28 The Financial Stability Oversight Council Structure and Designation Process Chair: Secretary of Treasury (Tim Geithner)  Chairman of Federal Reserve (Ben Bernanke)  Comptroller of the Currency (John Walsh – acting)  Director of Bureau of Consumer Financial Protection (Richard Cordray )  Chairman of the Securities and Exchange Commission (Mary Schapiro)  Chairperson of the Federal Deposit Insurance Corporation (Barbara Holum - Acting) Chairperson of the Commodity Futures Trading Commission (Gary Gensler)  Director of the Federal Housing Finance Agency (Edward DeMarco, acting)  Chairman of National Credit Union Administration Agency (Debbie Matz)  Independent insurance expert (Roy Woodall)  Director of Office of Financial Research (TBD)  Director of Federal Insurance Office (Michael McRaith)  State insurance commissioner (John Huff)  State banking supervisor (William Haraf)  State securities commissioner (David Massey) Ten Voting MembersFive Non-Voting Members Determination – Upon the FSOC’s determination of a company being designated systemically relevant, a process which still remains in development, the Council must notify the non-bank financial company of a determination (including the basis of the decision) within 60 days of the hearing (or 40 days after written notice if no hearing is requested) upon:  Consultation with any applicable primary financial regulator or appropriate foreign regulatory authority  A vote of at least 2/3 (i.e., seven) of the voting members of the Council to designate; and  One such vote must be that of the Chair (i.e., Secretary of Treasury) Appeal – Within 30 days of the final determination, the non-bank financial company may file an appeal in the U.S. district court in the district of its home office of the District of Columbia. Review is limited to whether the designation was arbitrary or capricious.

29. 29 8/13/2010 29 Meetings  The Financial Stability Oversight Council’s (FSOC) inaugural meeting was in October 2010.  Additional public meetings were held in November 2010, January 2011, and March 2011.  An unannounced, non public meeting was held in May 2011.  The FSOC met on July 18 but there was no discussion of systemic risk criteria.  On September 26, the Senate confirmed former Kentucky Insurance Commissioner and Treasury official Roy Woodall to be the FSOC Insurance Expert, with an independent vote on the FSOC panel  On October 11, the FSOC approved a second notice of proposed rulemaking (NPR) and proposed interpretive guidance on the Council’s authority to require supervision and regulation of certain nonbank financial companies Key Numbers  236 Rules have been published, all of which have been analyzed and summarized by GAIA  GAIA, in partnership with our business partners, has submitted comments on 19 proposed rules Financial Stability Oversight Council: Activities to Date

30. 30 8/13/2010 30 How We Will Be Evaluated  The FSOC first proposed a rule on non-bank financial entities in October 2010 and another in January 2011.  Neither included details on the evaluation process or metrics that would explain how the FSOC plans to evaluate nonbank financial companies.  The “proposed interpretive guidance”, which was released in a 68 page document following the most recent FSOC meeting on October 11 th outlines a 3-stage process for assessment of non-bank financial companies (NFC)for systemic risk purposes: 1.Application of a uniform quantitative threshold for identifying a subset of NFCs that warrant further review. a)This uniform threshold consist of a size metric of total consolidated assets of $50 billion AND one of the following: Credit Default Swaps Outstanding over $30 billion; Derivative Liabilities over $3.5 billion; Loans and Bonds Outstanding over $20 billion; Leverage Ratio of total consolidated assets to total equity of 15 to 1; or Short-Term Debt Ratio of 10%. 2.Each NFC that meets the Stage 1 threshold will be individually evaluated based on their risk profile and characteristics using public and regulatory sources, including information possessed by the company’s primary financial regulatory agency or home country supervisor and information voluntarily obtained from the NFC. 3.If after the Stage 2 review, FSOC believes the company merits further evaluation, the NFC will receive a “Notice of Consideration” that they are under consideration for a Proposed Determination and will be requested to provide information the FSOC deems relevant. Next Steps  The industry will have 60 days to respond with public comment to the notice of proposed rulemaking  After which, the expectation is that designations of nonbanks will occur in “waves”  The first group of designees may be required to adhere to specific capital or operational requirements  Subsequent groups may be formally or informally requested to comply with the “spirit” of the rules, and provide information on service level agreements and interconnections with the market Dodd-Frank Implementation: Designation and Next Steps

31. 31 8/13/2010 31 Background  International regulators are drawing up a list of 28 global banks that are seen as systemically important financial institutions (SIFIs), that will face extra supervisory scrutiny and capital requirements because of the pivotal role they play in the financial system  Regulators plan to add to the list in the coming year the names of big insurers that are seen as SIFIs Recent Activity  In a recent speech at a Regulator Conference, Karl Van Hulle, who is in charge of drawing up insurance standards at the European Commission, declared “Big European insurers need not fear higher capital requirements if they are placed on regulators' watch list of financial companies deemed 'too big to fail’” He continued with…  “Europe's new risk-capital rules for insurers, known as Solvency II, should avoid the need for additional capital buffers, at least in Europe”  “If a company applies Solvency II in the way it was designed, I (Hulle) cannot imagine that we would now invent something else just because it happened to be a SIFI” Systemic Risk: Global Activity Source: Thomson Reuters

32. 32 8/13/2010 32 Terry Vaughan, NAIC CEO, gave a recent interview surrounding the topics of U.S. Supervisory Framework and Solvency II. A few of her key messages include*: Solvency II: The U.S. Perspective and Zurich’s Position  The U.S. supervisory framework is commonly misunderstood. US insurance supervision is often seen as a state-based system, but it can be more accurately described as a national system of state based regulation.  We (the US) do have a Solvency Modernization Initiative, but it is not driven by any sense that something is wrong with the US system…. we decided to step back and see what lessons can be learnt from the financial crisis and other initiatives…there are some elements of Solvency II that we think could be useful tools for us. For example we are looking at ways in which we could focus more on insurers’ risk management and governance  The US position is that supervisory equivalence should be on an outcome basis and not the adoption of the same standards. Solvency II is a regional solution and, as yet, untested. In contrast, the US supervisory system has demonstrated its success over many years, and it is continually improving. So we are quite confident in the strength of our (U.S.) system Zurich’s Position  Zurich continues to strongly support an economic, risk-based approach to regulatory solvency, as seen in Solvency II  Zurich supported EIOPA’s recently published draft advice to the European Commission (EC) to grant Switzerland third party equivalence (the EC has up to 2013 to make a final decision on equivalence)  With initial concern that Solvency II would cause duplicative reporting, once at the Group Supervisor level and second at the EU level, third-party equivalence will likely result in the EU respecting the reporting requirements of the group supervisor, (e.g. FINMA for Swiss-based companies) and not require additional reporting at the EU level. * Source: Lloyd’s Interview: 60 Seconds with Terry Vaughan

33. 33 8/13/2010 33 Background:  The NAIC has been working since the beginning of 2011 to develop a process whereby an insurer would file an Own Risk and Solvency Assessment (ORSA) report  This process is in response to the recommendations for U.S. regulatory enhancements, including the development of a group wide supervision model, as noted in the International Monetary Fund’s 2010 Financial Sector Assessment Program (FSAP) review.  The timeframe indicates adoption of a final ORSA Guidance Manual by the end of 2011, which must be reviewed and adopted by the NAIC Executive Committee before being considered by each state insurance regulator. The next FSAP review will take place in 2012 and it is believed the ORSA requirement could begin as early as 2013 ORSA Guidance Manual  The Manual is intended to provide guidance to an insurer as to the reporting of its ORSA, which is one element of an insurer’s broader Enterprise Risk Management (ERM) framework.  An insurer who is subject to the ORSA requirement will be expected to regularly conduct an ORSA to assess the adequacy of its risk management and current (and likely future) solvency position, internally document the process and results, and provide a high-level summary report annually to the domiciliary regulator, if requested. Industry Concerns  Confidentiality  Legal Entity vs. Group Level Filing  International Coordination National Association of Insurance Commissioners – Solvency Activity - ORSA

34. 34 Background and Overview:  The current 7 year reauthorization of TRIA carries through until Dec. 31, 2014  Zurich was very involved in the formulation of the original program, and its extension  Chaired AIA TRIA working group  Testified and actively communicated with Congress  Because of Zurich’s large “deductible” under the current program, TRIA serves more so as a worst-case solvency backstop rather than a program to encourage more terrorism writings  TRIA remains a budgetary cut target in Congress, despite little evidence that the threat of terrorism has dissipated Key Industry Concerns  Misperception/expectation that private sector can price for and absorb worse-case terror events and diminish governmental involvement  N-B-C-R (nuclear, biological, chemical or radiological) events remain a top concern, particularly for certain lines (e.g. Workers Comp for Zurich) Zurich Position and Next Steps  Need for meaningful public-private partnership to financially address the reality of potential large-scale terrorism, while federal support should most heavily target those lines of insurance where loss accumulation is unmanageable  Our Business Units have already begun to analyze where to improve upon the current program; we look forward to partnering with you, your clients, and related trade associations on this key issue as it builds momentum in 2013 Terrorism Risk Insurance Act (TRIA)

35. 35 8/13/2010 35 What does this mean for Zurich customers who are facing these same challenges from a risk perspective?  Dodd-Frank and other Regulatory Reform measures are unprecedented in their scope and complexity. Zurich is directly engaged in the rule making process on a global basis  Increasing regulatory scrutiny is not unique to insurance and no organizations are immune  Organizational dedication to risk management, compliance, and corporate governance has never been more crucial and Zurich continues to lead the way with best practice approaches in each area  To assist our customers in these challenging and complex times, Zurich will continually evaluate the impact to our existing product line and determine what products may be needed or expanded to meet our customers’ needs

36. 36 8/13/2010 36 THANK YOU!

37. CLOSING – DAY 1 rechter Rand right margin marge droite margine destra Randall Clouser Head of Distribution & Regional Management Zurich North America

38. This Evening… rechter Rand right margin marge droite margine destra 6:15 pm – Meet in lobby for departure 6:30 pm – Cocktails & Dinner, Main Resort Tomorrow… 7:00 am – Breakfast, Surfside A/B 8:00 am – Breakout Sessions  Corporate Broker Advisory Council Tides Room  Middle Market Broker Advisory Council Cove Room

39. 39

40. 40 Breakout Sessions Broker MemberZurich Member Suzanne CantwellRandall Clouser Jamie CrystalCraig Fundum Linda DownsRoderic Jacobus Marshall FlemingKimberly Moore Mark ForresterJoseph Murphy Jack GallowayTricia O’Neill Tony GarciaTim Picken Kirk JamesVince Tizzio Jeff JamisonEd Wu Clark Johnson B. Linton Puckett Patsy Redfield Monte Richardson Mary Sklarski Jeff Stoops Rick Stuzzieri Mike Tiagwad Joe Valenza Middle Market Broker Advisory Council (MMBAC) Corporate Broker Advisory Council (CBAC) Broker MemberZurich Member Anne AndersonMike Kerner Steve AndersonMike Golden Lance BeckerBrian Hegarty Jackie BoligPaul Horgan Sharon BrainardBrenda Lombardo Paul BredthauerMichael Karmilowicz Kevin BroganGreg Maguire Brian EloweGregory Martin Pamela FerrandinoLori Spoon Rafkin David FinnisJoe Tinetti Tom FishBrian Winters Brian Kelly Stephen Kempsey Bertil Olsson Jim Rubel Eric Silverstein Tony Tam Brian Wanat

41. 41 8/13/2010 41 THANK YOU!

42. WELCOME BACK rechter Rand right margin marge droite margine destra Mike Golden Head of Broker Relationship Management Zurich Global Corporate, North America Friday, October 21

43. 43 8/13/2010 43 Q&A Panel Mike Kerner Randall Clouser Paul Horgan Mike Karmilowicz

44. CLOSING REMARKS rechter Rand right margin marge droite margine destra Randall Clouser Head of Distribution & Regional Management Zurich North America

45. 45 8/13/2010 45 THANK YOU!