Switzerland's ZURICH FINANCIAL SERVICES is in the process of finalising an agreement with DEUTSCHE BANK whereby the latter will swap its life insurance subsidiary DEUTSCHER HEROLD for ZFS's US asset management company SCUDDER. Deutsche Bank will also pay the insurance company a cash sum in the order to $ 1 bil. DEUTSCHE BANK's other insurance holdings (30% of GERLING and 26% of NÜRNBERGER) have not been included in the deal.