Burbank, Calif. – Following a strategic review of operations, Allianz Insurance Company (AIC) will exit U.S. casualty business effective immediately. All existing policies will be non-renewed at expiration, with the exception of pending renewals where a renewal quotation has already been offered. Such renewal quotations will be honored.

AIC remains committed to the large accounts market in the U.S. and will focus on strengthening and developing core businesses in property lines from existing offices in Burbank, Chicago, New York and Atlanta. Specifically, these include Global Programs, National Accounts, Technical Risks (construction) and Onshore Energy.

AIC will also continue full servicing of U.S. property and casualty needs for clients of overseas Allianz offices. The handling of this business will remain with the existing Foreign Corporate Investors Department in Burbank.

Dr. Wolfgang Schlink has left AIC and will be pursuing other interests. Steve Schleisman CEO of Allianz Global Risks and chairman of AIC will serve as interim president and CEO of AIC.

With 400 employees nationwide, AIC is the designated writer of large national and global risks within the Allianz of America Group. AIC's ultimate parent, Allianz AG, is one of the world's largest insurers with premium income in excess of $57 billion.

03/07/2002