[September 17, 2014]

Allianz Repositions Its Commercial P&C Business in the United States

The Fireman's Fund commercial property and casualty (P&C) business will be integrated into Allianz Global Corporate & Specialty (AGCS), the global corporate insurance company of Allianz. The integration further strengthens the Allianz brand in its US commercial P&C business.

This move follows the 2009 transfer of the Fireman's Fund Marine business to AGCS, under the leadership of Art Moossmann, Member of the Board of Management of AGCS. This integration brought nearly $600 million in annual gross premiums to AGCS, making AGCS one of the leading providers of specialty insurance in the US. The Fireman's Fund commercial P&C business focuses on declared areas of industry and product specialization, particularly those with domestic exposures across the United States, while AGCS concentrates on large corporations or specialty risks, particularly those with multinational exposures. The combined AGCS and Fireman's Fund commercial P&C business is expected to total over $3 billion in revenues, based on gross written premiums in 2013.

With the repositioning of the commercial P&C insurance in the US, various options are being considered to also build scale for the personal lines business of Fireman's Fund. This long-standing business area, which focuses on high net worth customers, has a strong reputation for its tailored customer service and expertise. Representing approximately one third of the Fireman's Fund business by gross premiums (2013), the personal lines business is a leader in its market and enjoys healthy profitability.

Andrew Torrance, CEO of Fireman's Fund Insurance Company, added: "This move gives our commercial P&C business greater direction and focus. AGCS will offer many benefits to Fireman's Fund's clients and business partners in the US, with its global reach, recognized expertise and AA rated financial strength."

Axel Theis, CEO of Allianz Global Corporate & Specialty, commented: "The integration of the Fireman's Fund commercial P&C business into AGCS allows Allianz to focus on opportunities in commercial insurance, operate under the Allianz brand and build upon the range of commercial P&C insurance solutions and relationships already successfully ffered in the US by AGCS."

About Allianz Global Corporate & Specialty

Allianz Global Corporate & Specialty (AGCS) is the Allianz Group's dedicated carrier for corporate and specialty insurance business. AGCS provides insurance and risk consultancy across the whole spectrum of specialty, alternative risk transfer and corporate business: Marine, Aviation (incl. Space), Energy, Engineering, Financial Lines (incl. D&O), Liability and Property insurance, as well as International Insurance Programs.

Worldwide, AGCS operates in 28 countries with own units and in more than 160 countries through the Allianz Group network and partners. It employs more than 3,500 people and provides insurance solutions to more than half of the Fortune Global 500 companies, writing a total of €5 billion gross premium worldwide annually (2013). AGCS is rated AA by Standard & Poor's (Nov 2013) and A+ by A.M.Best (July 2014). For more information please visit www.agcs.allianz.com or follow us on Twitter (News - Alert) @AGCS_Insurance.

About Fireman's Fund Insurance Company

As a premier property and casualty insurance company, Fireman's Fund has protected the future for its customers for more than 150 years. With innovative products backed by superior claims and risk management solutions, Fireman's Fund is a leader in high net worth, entertainment, and commercial insurance. Fireman's Fund is a member of the Allianz Group - one of the world's largest insurance providers - and has a strong financial foundation. For additional information, visit www.firemansfund.com.

Cautionary Note Regarding Forward-Looking Statements

The statements contained herein may include statements of future expectations and other forward-looking statements that are based on management's current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. In addition to statements which are forward-looking by reason of context, the words "may", "will", "should", "expects", "plans", "intends", "anticipates", "believes", "estimates", "predicts", "potential", or "continue" and similar expressions identify forward-looking statements.

Actual results, performance or events may differ materially from those in such statements due to, without limitation, (i) general economic conditions, including in particular economic conditions in the Allianz Group's core business and core markets, (ii) performance of financial markets, including emerging markets, and including market volatility, liquidity and credit events (iii) the frequency and severity of insured loss events, including from natural catastrophes and including the development of loss expenses, (iv) mortality and morbidity levels and trends, (v) persistency levels, (vi) the extent of credit defaults, (vii) interest rate levels, (viii) currency exchange rates including the Euro/U.S. Dollar exchange rate, (ix) changing levels of competition, (x) changes in laws and regulations, including monetary convergence and the European Monetary Union, (xi) changes in the policies of central banks and/or foreign governments, (xii) the impact of acquisitions, including related integration issues, (xiii) reorganization measures, and (xiv) general competitive factors, in each case on a local, regional, national and/or global basis. Many of these factors may be more likely to occur, or more pronounced, as a result of terrorist activities and their consequences.

The matters discussed herein may also be affected by risks and uncertainties described from time to time in Allianz SE's filings with the U.S. Securities and Exchange Commission. The company assumes no obligation to update any forward-looking statement.

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