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Allianz strengthens Property and Casualty business in Asia

Allianz Global Corporate & Specialty will take over management control of Allianz Insurance Company of Singapore (AICS) and Allianz Insurance Hong Kong Limited (AZHK) from August 1st 2010.

PRESS RELEASE - Singapore/Hong Kong/Munich: June 24, 2010

Allianz has announced its intention to further develop its property and casualty business in Asia through its Singapore and Hong Kong subsidiaries: Allianz Insurance Company of Singapore (AICS) and Allianz Insurance Hong Kong Limited (AZHK).

With effect from August 1, these companies will be managed as part of Allianz Global Corporate & Specialty, Allianz's dedicated carrier for major corporate and specialty insurance, combining their joint resources in a drive to expand profitably in these markets. AGCS plans to apply for credit ratings for both companies, reflecting their strategic importance for AGCS and building on the existing AGCS Standard & Poor's AA rating.

Both the Hong Kong and Singaporean businesses have developed strong local market presences including significant corporate and specialty portfolios, serving a number of major international clients.

This move will now combine AGCS’s global underwriting and process expertise with their local market knowledge and relationships, as well as giving clients direct access to AGCS's worldwide network and full range of services – from Risk Consulting and Claims to specialist products such as International Insurance Programs and D&O insurance.

Axel Theis, CEO of AGCS said, "Hong Kong and Singapore are core markets for our clients in Asia, and we want to grow strong expertise here as part of our global network. This follows the strategy we've successfully developed in other locations such as Japan and Brazil – supporting our clients by combining local service delivery with global expertise and resources."

Bruce Bowers, CEO Allianz Asia Pacific, said: "This strengthening of Allianz’s expertise in Asia underlines our commitments to our clients in these important markets. Across 15 countries in the Asia Pacific region, we are continuing to offer innovative products and solutions to serve the needs of our customers. This applies not only in corporate and specialty insurance but right across our portfolio throughout the whole of Asia – including private and commercial property and casualty insurance, life and health insurance, and asset management."

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