WINTERTHUR, Switzerland, Nov. 27, 2002 (PRIMEZONE) -- Winterthur, a subsidiary of Credit Suisse Group (NYSE:CSR), today announced that it is selling its insurance subsidiary in Portugal, Companhia Europeia de Seguros, S.A., as well as its Portuguese pension subsidiary, Winterthur Pensoes, S.A., to Liberty International, a subsidiary of the Liberty Mutual Group.
Winterthur Insurance and Winterthur Life & Pensions are refocusing their presence on markets in which they already have or can rapidly establish sustainable market positions. Manfred Broska, CEO of Winterthur Insurance, stated: "Following the divestitures of Winterthur International, Winterthur Austria and the nonlife and life branches of Winterthur in France in 2001, this sale is a further key step in the implementation of Winterthur's strategy to focus on its core markets." Winterthur Insurance's principal market units are in Europe, with a particular focus on Switzerland (where it is market leader), Germany, Spain, the U.K., Italy and Belgium.
For Liberty International, the acquisition of Winterthur's Portuguese business units marks the entry into the Portuguese insurance market, where Liberty Mutual intends to introduce its name alongside that of Europeia.
Tom Ramey, President of Liberty International, commented: "Liberty International has a strong interest in the European market. We are enthusiastic about our entry into the Portuguese insurance market and about further consolidating our presence in southern Europe, following the acquisition of the Spanish subsidiaries of Hartford and Royal Sun Alliance in 2001."
In 2001, Europeia recorded EUR 127 million (CHF 186 million) in gross nonlife premiums and EUR 45 million (CHF 66 million) in gross life premiums, and Winterthur Pensoes managed EUR 13 million (CHF 19 million) in funds. With a market share of 3.6%, Europeia is Portugal's ninth largest nonlife insurer and, with a market share of 1.0%, its fourteenth largest life insurer, measured in terms of gross premiums written in 2001.
The details of the transaction will not be disclosed. Subject to approval by the authorities, the transaction is expected to be completed in the first quarter 2003.
Credit Suisse Group
Credit Suisse Group is a leading global financial services company headquartered in Zurich. The business unit, Credit Suisse Financial Services, provides private clients and small and medium-sized companies with private banking and financial advisory services, banking products, and pension and insurance solutions from Winterthur. The business unit Credit Suisse First Boston, an investment bank, serves global institutional, corporate, government and individual clients in its role as a financial intermediary. Credit Suisse Group's registered shares (CSGN) are listed in Switzerland and Frankfurt, and in the form of American Depositary Shares (CSR) in New York. The Group employs around 80,000 staff worldwide. As of September 30, 2002, it reported assets under management of CHF 1,221.8 billion.
Winterthur Insurance
Winterthur Insurance, a Credit Suisse Group division, is one of the leading European insurance companies. It offers private individuals and corporate customers a range of non-life insurance solutions through traditional and alternative distribution channels. Winterthur Insurance's principal market units are in Europe, with a particular focus on Switzerland (where it is the market leader), Germany, the United Kingdom, Italy, Spain and Belgium. In North America, Winterthur Insurance operates through several established regional insurance companies. Winterthur Insurance has more than 24,000 staff members. As of September 30, 2002, the company achieved a premium volume of CHF 14.5 billion.
Winterthur Life & Pensions
Winterthur Life & Pensions (Winterthur Life and subsidiaries), a Credit Suisse Group division, is one of the leading European life insurers. It offers individual and corporate clients tailor-made, local and international life insurance and pension solutions. Winterthur Life & Pensions achieved a premium volume of CHF 14.8 billion as of September 30, 2002, and reported assets under management of CHF 113.0 billion as of September 30, 2002. There are more than 7,000 people working for Winterthur Life & Pensions all over the world (around 15,000 including sales agents).
Liberty Mutual
Boston-based Liberty Mutual Group is a diversified international group of insurance companies and one of the largest multi-line insurers in the North American property a nd casualty industry. The group has more than USD50 billion in consolidated assets, more than USD13 billion in consolidated revenue and ranks 142nd on the Fortune 500 list of largest corporations in the United States. The A.M. Best Company has rated Liberty Mutual "A" (Superior). Along with being the leading provider of workers' compensation insurance, programs and services in the United States for 65 years, Liberty Mutual provides a wide range of products and services, including general liability, commercial auto and business property, group life and disability, private passenger auto and homeowners' insurance, and individual life and annuities. The company, which is celebrating its 90th anniversary in 2002, employs 35,000 people in more than 800 offices throughout the world. Liberty Mutual's website address is www.libertymutual.com.
Cautionary Statement Regarding Forward-Looking Information
This press release contains statements that constitute forward-looking statements. In addition, in the future we, and others on our behalf, may make statements that constitute forward-looking statements.Such forward-looking statements may include, without limitation, statements relating to our plans, objectives or goals; our future economic performance or prospects; the potential effect on our future performance of certain contingencies; and assumptions underlying any such statements. Words such as "believes," "anticipates," "expects," intends" and "plans" and similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. We do not intend to update these forward-looking statements except as may be required by applicable laws. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that predictions, forecasts, projections and other outcomes described or implied in forward-looking statements will not be achieved. We caution you that a number of important factors could cause results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements. These factors include (i) market and interest rate fluctuations; (ii) the strength of the global economy in general and the strength of the economies of the countries in which we conduct our operations in particular; (iii) the ability of counterparties to meet their obligations to us; (iv) the effects of, and changes in, fiscal, monetary, trade and tax policies, and currency fluctuations; (v) political and social developments, including war, civil unrest or terrorist activity; (vi) the possibility of foreign exchange controls, expropriation, nationalization or confiscation of assets in countries in which we conduct our operations; (vii) the ability to maintain sufficient liquidity and access capital markets; (viii) operational factors such as systems failure, human error, or the failure to properly implement procedures; (ix) actions taken by regulators with respect to our business and practices in one or more of the countries in which we conduct our operations; (x) the effects of changes in laws, regulations or accounting policies or practices; (xi) competition in geographic and business areas in which we conduct our operations; (xii) the ability to retain and recruit qualified personnel; (xiii) the ability to maintain our reputation and promote our brands; (xiv) the ability to increase market share and control expenses; (xv) technological changes; (xvi) the timely development and acceptance of our new products and services and the perceived overall value of these products and services by users; (xvii) acquisitions, including the ability to integrate successfully acquired businesses; and (xviii) our success at managing the risks involved in the foregoing. We caution you that the foregoing list of important factors is not exclusive; when evaluating forwardlooking statements, you should carefully consider the foregoing factors and other uncertainties and events, as well as the risks identified in our most recently filed Form 20-F and reports on Form 6K furnished to the U.S. Securities and Exchange Commission.
This press release can be accessed on Winterthur's Website at: www.winterthur.com