Vero – New Zealand’s New Leading Insurance Brand

MEDIA RELEASE 16 APRIL 2003

Vero - New Zealand's New Leading Insurance Brand

Vero is set to become New Zealand's leading insurance brand. From 1 September Royal & Sun Alliance Insurance, Liability, Marine and Accident Insurance Companies* will be known as vero, a member of the Promina Group.

The vero brand will continue to represent the values and ideals which have also been the cornerstone of its predecessor. Vero is Latin for certainty, assured and in truth and the new name and visual identity are designed to reflect the brand values of integrity, security and high performance.

Roger Bell, Chief Executive General Insurance, New Zealand says "The striking red and silver of the vero brand is sure to stand out from the traditional and more conservative look of other Insurance companies. We are thrilled to have had the opportunity to create a new brand and our priority has been, and will continue to be, upholding the strong heritage and high standards of our business as vero looks towards a bright future."

The Royal & SunAlliance brand is one of New Zealand's oldest and largest insurance organisations and the name has been a familiar feature of the Auckland skyline. Under the new name and structure, the commitment to looking after customers' interests will remain integral, and the Royal & SunAlliance structure, policies and staffing will remain unaffected.

The Promina Group which was also recently rebranded from the Royal and SunAlliance Group will, come 1 September, include the following general insurance brands - Vero Insurance New Zealand Ltd, Vero Marine Insurance Ltd, Vero Liability Insurance Ltd and Vero Accident Insurance Ltd, AA Insurance, SIS, AXIOM and Mariner.

Royal & SunAlliance Life & Disability Ltd will remain operating under their current name as a separate entity, but will announce a new brand name in due course.

For customers, staff and insurance brokers it will be business as usual and until 1 September the Royal and SunAlliance brand will remain in use. Current policies held will remain effective and plans are in place to ensure the transition is seamless for customers.

*Royal & Sun Alliance Insurance New Zealand Ltd will become Vero Insurance New Zealand Ltd

Royal & Sun Alliance International Marine will become Vero Marine Insurance Ltd

Royal & Sun Alliance Liability Insurance Ltd will become Vero Liability Insurance Ltd

Royal & Sun Alliance Accident Insurance Ltd will become Vero Accident Insurance Ltd

-ENDS-

FACT SHEET

- Vero is Latin for certainty, assured and in truth

- Vero upholds the brand values of integrity, security and high performance

- The new brand vero will be in effect from 1 September 2003, until which time Royal & SunAlliance will remain in use

- Vero is the new name for Royal & SunAlliance Insurance and is a member of the Promina Group

- Promina is one of the oldest and largest general insurance and financial services groups in Australia and New Zealand. In 2003 the Group formerly known as Royal & SunAlliance, was renamed Promina Group. With more than 5 million policies and 6,000 staff in 175 offices, generating total group revenues of over NZ$3 billion in 2002.

- The Promina Group will now include the following general insurance brands - Vero Insurance New Zealand Ltd, Vero Marine Insurance Ltd, Vero Liability Insurance Ltd and Vero Accident Insurance Ltd, AA Insurance, SIS, AXIOM and Mariner.

- Royal & SunAlliance Insurance was voted the 2002 Insurance Company of the Year by both broking organisations, CIBNZ and IIBA.

- Roger Bell is the Chief Executive of vero

Roger Bell is responsible for the strategy and operational delivery of all general insurance operations in New Zealand. Roger has been with the Group for 30 years, during which time he has held many different roles, including several years in Australia. This broad experience has given Roger a comprehensive and unique understanding of the New Zealand insurance industry.

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