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Kevin R. Callahan, formerly of Aon, is new CEO

Allianz Insurance Company,
a Burbank-based Subsidiary of the Allianz Group,
Appoints Chief Executive Officer
Kevin R. Callahan, formerly of Aon, is new CEO


Burbank, Calif. – May 10, 2002 – Allianz Insurance Company (AIC), a member of the Allianz Group – one of the world's largest financial services providers, is pleased to announce the appointment of Kevin R. Callahan to Chief Executive Officer. As CEO, Callahan will be responsible for building AIC into an innovative insurance provider for Allianz' US client base. AIC is an integral part of the worldwide strategy to focus on large accounts through its new brand Allianz Global Risks (AGR).

"We are extremely pleased to have someone of Kevin's caliber and experience in this important post," said Steve Schleisman, president and CEO of AGR. "We are confident Kevin will be a great addition as we build on our success to become a state-of-the-art risk service provider for the Fortune 500 companies in the United States." Allianz Global Risks is the international industrial insurance carrier of the Allianz Group.

Prior to joining AIC, Callahan spent five years with Aon Corporation where he formed Aon Capital Markets, led Aon Securities Corporation, was a member of the management committee of Aon Risk Services of the Americas, and was an executive vice president at Aon Re. Commenting on his departure, Michael O'Halleran, president and chief operating officer of Aon, said, "Kevin has been an integral part of Aon. While I am sad to see him leave, I am supportive of his move to Allianz. I am looking forward to working with Kevin in his new role and growing Aon's relationship with Allianz."

Before joining Aon Corporation in 1996, Callahan was a vice president at Goldman, Sachs & Co. where he founded and headed the Insurance Products Group at Goldman, Sachs & Co. and was president of GS RiskAdvisors, an insurance and reinsurance intermediary. Callahan spent over 11 years at Goldman, Sachs & Co., specializing in insurance products, the financial services industry and derivatives business.

Callahan, born June 1, 1961, in Syracuse, New York, graduated from the University of Notre Dame with a Bachelor of Business Administration degree in finance and philosophy.

05/10/2002