January 14, 2009 04:00 AM Eastern Time 

New Global Marine Unit Opens for Business at Allianz Global Corporate & Specialty

MUNICH, Germany & NOVATO, Calif.--(BUSINESS WIRE)--This specialist unit brings together Allianz’s existing marine teams under the Allianz Global Corporate & Specialty (‘AGCS’) brand, combining Fireman’s Fund Insurance Company’s marine business in the United States with AGCS’s worldwide marine activities. With a total of more than 450 specialist marine staff and a combined gross premium of around US$1.0 billion (2008), this now confirms AGCS as one of the leading global marine insurers.

Since announcing its intention to begin the process in August 2008, Allianz has moved quickly to establish this new marine division. The Fireman’s Fund marine teams have now moved to the AGCS brand, and the company has confirmed its new marine leadership team, appointing Art Moossmann (formerly responsible for Specialty Insurance, which included marine business, at Fireman’s Fund) as Global Marine Head, based in New York. Working alongside Mr. Moossmann will be Dr Volker Bergeest (Global Marine Head for Europe and Asia-Pacific, based in Hamburg) and Hugh Burgess (Global Marine Head for North America, based in New York), plus John Barnwell (Global Product Leader, Ocean Cargo, based in New York) and Dr Sven Gerhard (Global Product Leader, Hull & Liabilities, based in Hamburg).

The new unit will offer a wide range of marine products alongside AGCS’s non-marine portfolio, ranging from Cargo (including International Insurance Programs) to Hull and Marine Liabilities as well as specialist Inland Marine and related services such as Risk Consulting. AGCS now has marine service centres in New York (and in 26 other locations across the United States), London, Zurich, Madrid, Copenhagen, Milan, Hamburg, Paris, Toronto, Vienna and Singapore, as well as distribution through the Allianz network in over 70 countries worldwide.

“The marine industry is truly global and so the development of a matching global marine capability is an integral part of our strategy,” explained Axel Theis, CEO of AGCS. “It allows us to deliver a high level of local service to our marine clients in their local markets. What’s more, they will now have easy access to the wide range of Allianz Global Corporate & Specialty products - marine and non-marine - through one point of contact.”

Art Moossmann commented: “I’m very pleased by the rapid progress we have made in setting up this new marine team, and we are looking forward to developing our business in 2009. The Fireman’s Fund and Allianz Global Corporate & Specialty marine businesses fit together very well, making this a logical development which is demonstrated by the support we have received from clients and brokers worldwide to this move.”

Allianz Global Corporate & Specialty is Allianz SE’s dedicated carrier for corporate and specialty insurance customers. The company provides insurance and risk management consultancy across the whole spectrum of marine, aviation and corporate business, including Energy, Engineering, Financial Lines (incl. D&O), Liability and Property insurance, including International Insurance Programs. See the Allianz Global Corporate & Specialty website http://www.agcs.allianz.com for further details.

Worldwide, Allianz Global Corporate & Specialty operates in over 70 countries through the Allianz Group network. It employs more than 2,000 people and provides insurance solutions to more than half of the Fortune Global 500 companies, writing a total of €2.8 billion gross premium worldwide annually (2007 figures).

Allianz Global Corporate & Specialty has a Financial Strength Rating of AA (‘Very Strong’) from Standard & Poor’s (confirmed in 2008) and of A+ (‘Superior’) from A.M.Best (upgraded in 2008).