Burbank, Calif. - Effective August 1, 2002, the Energy operations of Allianz Insurance Company (AIC), a member of the Allianz Group - one of the world's largest financial services providers, will conduct operations from Houston, Texas. AIC's Energy department is responsible for underwriting oil, gas and petrochemical clients domiciled in North, Central, and South America.

The unit will be managed by Douglas Dowling who will relocate from Burbank, Calif. Joining the Energy team is Carlos Carrillo, who has extensive experience in the Latin American insurance and oil and gas markets. Carrillo just completed his MBA at the University of Maryland. Also joining the Energy team is Susan Bishop who was most recently with a prominent Houston brokerage. She has extensive experience in the oil and gas sector with Sorema NA.

Contact information (after August 1, 2002):

	Address:	Allianz Insurance Company 1900 West Loop South, Suite 1290 Houston, Texas 77027 USA
	Main:	713-877-5560
	Fax:	713-877-5568
	Direct:	713-877-5575 Douglas Dowling 713-877-5570 Carlos Carrillo 713-877-5565 Susan Bishop

Please continue all business contact via the Burbank, Calif., office until August 1st.


AIC is an integral part of the worldwide strategy to focus on large accounts through its new brand Allianz Global Risks (AGR), the international industrial insurance carrier of the Allianz Group. The Allianz Group, one of the leading global financial service providers, offers a broad range of products to its 60 million clients in over 70 countries. As one of the largest providers of international corporate insurance, Allianz provides coverage for Fortune 500 companies. With assets under management amounting to one trillon euros, Allianz is also one of the largest investors in the world. The Allianz Group has a Standard & Poor's rating of AA+ and an A.M. Best rating of A++ XV.

For more information, please contact Laura Baukol, AIC communication manager, at (818) 260-7223.


07/22/2002