Allianz

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As of 2010, it was the world's 12th-largest financial services group and 23rd-largest company according to a composite measure by Forbes magazine.[3]
Its Allianz Global Investors division ranks as a top-five global active investment manager, having €1,443 billion of assets under management (AuM), of which €1,131 billion are third-party assets (as of 2010-09-30), with specialized asset managers such as PIMCO (Bond fund), RCM (Equity fund), Degi (Real estate fund), etc.
Allianz sold Dresdner Bank to Commerzbank in November 2008.[4] As a result of this merger, Allianz gained a 14% controlling stake in the new Commerzbank Group.
Contents [hide]
1 History
1.1 General
1.2 Controversy
2 Recent Management
3 Australia
4 Belgium
5 Canada
6 India
7 Slovakia
8 United Kingdom
9 United States
10 Sports
11 See also
12 References
13 External links
[edit]History

[edit]General
Allianz AG was founded in Berlin on 5th February 1890 by Carl von Thieme (a native of Erfurt, whose father was the director of Thuringia) and Wilhelm von Finck (co-owner of the Merck Finck & Co bank). Allianz shifted its headquarters to Munich in 1949. The first step to become an international company started with the opening of a branch office in London in the late 19th century. After World War II, global business activities were gradually resumed. Allianz opened an office in Paris in the late 1950s, and a management office for Italy in the 1960s. These expansions were followed in the 1970s by the establishment of business in Great Britain, the Netherlands, Spain, Brazil and the United States. In 1986, Allianz acquired Cornhill Insurance PLC, London, and the purchase of a stake in Riunione Adriatica di Sicurità (RAS), Milan, strengthened its presence in Western and Southern Europe in the 1980s. Recently, on February 8, 2006, RAS Shareholders approved the mergers with Allianz. In 1990, Allianz started an expansion into eight Eastern European countries with establishing a presence in Hungary. In the same decade, Allianz also acquired Fireman’s Fund, an insurer in the United States, which was followed by the purchase of Assurances Generales de France (AGF), Paris. These acquisitions were followed by the expansion into Asia with several joint ventures and acquisitions in China and South Korea. Around this time Allianz expanded its asset management business as well by purchasing for example asset management companies in California.
In 2001, Allianz acquired Dresdner Bank, a large German bank. Allianz Group and Dresdner Bank combined their asset management activities by forming Allianz Global Investors. In 2002 Michael Diekmann succeeded Henning Schulte-Noelle as CEO of Allianz AG. The Allianz Group was reincorporated under a European Company Statute and, as a result of the cross-border merger with RAS, Allianz converted into a European Company (SE - Societas Europaea) on October 13, 2006. The Allianz Group also simplified its brand strategy from 2006 and their previous emblem was replaced by the current word-picture brand.[5]
On 31. August 2008, Allianz announced that it would sell its lossmaking unit Dresdner Bank to Commerzbank for a total of 8.8 Bn Euro. Targeted date for the full sale was 2nd term 2009. After renegotiations it was announced in November 2008 that Commerzbank would acquire the 100% ownership of Dresdner Bank earlier (12 January 2009). The sale price was lowered to 5.5 Bn Euro. Shortly after this transaction completed, Commerzbank had to be partially be nationalized by the German government to prevent it from bankruptcy. Allianz is currently keeping around 14% of Commerzbank Shares. The venture into the German banking space is said to have cost the insurance giant about 30-35 Bn Euro.
Allianz is now present in more than 70 countries with over 180,000 employees. At the top of the international group is the holding company, Allianz SE, with its head office in Munich. Allianz Group provides its more than 60 million customers worldwide with a comprehensive range of services in the areas of
• property and casualty insurance,
• life and health insurance,
• asset management and banking.
[edit]Controversy

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Henning Schulte-Noelle was the first CEO of Allianz who took up the history with the Third Reich when he commissioned an Archive for Corporate History in 1993, which was opened in 1996. In 1997 Schulte-Noelle asked Gerald D. Feldman, historian from the University of California-Berkeley, if he would undertake a larger research project on Allianz's past involvement with the Third Reich. Feldman started the research in 1998 with a team of young historians. A few month later, Jewish World War II survivors and their descendants took Allianz and other European insurance companies to court, accusing them of unpaid insurance policies. Allianz and four other insurers supported the creation of the "International Commission on Holocaust Era Insurance Claims" (ICHEIC). Furthermore, Allianz became a founding member of the German Foundation "Remembrance, Responsibility and Future". Both organizations took care of payments for the victims. Feldman published the comprehensive results of his research in September 2001. Based on these results Allianz established an exhibition in the Archive for Corporate History and on the Internet.
The research concluded that Allianz, as an organization and through its corporate officers, was forced to comply with the Nazi Regime and the Third Reich, starting as early as the early 1930s and continuing all the way through to the collapse of the Third Reich.
Among the more notable examples:
Allianz managers held senior positions in the administration of national socialist Germany. Kurt Schmitt, director general of Allianz until 1933, was Hitler’s Reich Economics Minister from June 1933 until January 1935. He became a member of both the Nazi Party and the SS in 1933. Eduard Hilgard, member of the board of Allianz, became head of the "Reich Group for Insurance" in 1934. He represented the insurance industry in a conference summoned by Hermann Göring after the November Pogrom of 1938. Hilgard reported on the material damages caused during the Kristallnacht Pogrom and the estimated amounts of money insurance companies had to cover.
Feldman summarized his findings stating: "It was just one more piece of business in the Third Reich, but it demonstrated that such pieces on any large scale made contact at some point with all that is represented by the name “Auschwitz” – from slave labor to extermination – virtually inescapable.“[6]
[edit]Recent Management

CEOs to date:
2003 — Present : Michael Diekmann
1991 — 2003: Henning Schulte-Noelle
[edit]Australia



Allianz around the world
Allianz Australia Limited (ABN 21 000 006 226) operates throughout Australia and New Zealand and through its subsidiaries offers a range of insurance and risk management products and services. Subsidiaries of Allianz Australia include Club Marine, Allianz Life and Hunter Premium Funding.
[edit]Belgium

Allianz operates through Allianz Belgium, previously AGF Belgium which has been re-branded to Allianz Belgium on the 29 November 2007.
[edit]Canada

Allianz put a sudden halt to its Canadian P&C operation Allianz Canada (market share 2%) in 2004 after several years of unfavorable business results. Allianz originally entered the Canadian market in the early 1990s through an acquisition of several North American insurers, namely the American Firemans Fund and the Canadian Surety. Upon the market exit the personal and commercial lines unit was sold off to the market leader ING Canada, whereas its industrial underwriting branch was bought by Allianz US, which has retained the Toronto office.
[edit]India

In India Bajaj Allianz General Insurance Company Limited is a joint venture between Bajaj Finserv Limited (recently demerged from Bajaj Auto Limited) and Allianz SE.
Bajaj allianz is one of the fastest growing private life insurance company in india.This has more than 1200 branches across country and deals in primarily unitlinked,traditional,health,child and pension policies.
Also, Allianz Cornhill Information Services (ACIS) is a captive offshore facility of Allianz Insurance plc, operating from the Technopark in Thiruvananthapuram(Trivandrum), offering both IT and ITES services. ACIS is a CMMI Level 5 company providing world-class Application Development and Maintenance services to Allianz Insurance in the UK and some other Allianz companies. ACIS is also a pioneer of the ITeS industry in Kerala and is ISO 9001-2000 certified for its Business Process Operations.
[edit]Slovakia



Allianz - Slovenská poisťovňa headquarters, Bratislava
Allianz started its life and Property & Casualty (P&C) operation in Slovakia in 1993 but the local subsidiary was never able to achieve a relevant market share. In 2001 Allianz AG bought the majority ownership in then state-owned Slovenská poisťovňa (SP, Slovak Insurance Company), at the time suffering from political mismanagement, asset-stripping and deep under-reserving. SP however held a market share of well over 50%, which had made it an attractive privatization target, where Allianz had to compete with such insurers as AXA or Aegon. Upon the purchase the local Allianz operation was merged with SP creating a new company Allianz - Slovenská poisťovňa. Its combined market share (life and P&C) presently stands at just below 40% (about 50% in P&C business), still making it by far the market leader.
[edit]United Kingdom

Allianz owns British insurance company Cornhill Insurance plc, subsequently renamed Allianz Cornhill Insurance plc. This then simply became Allianz Insurance plc on 30 April 2007 to directly reflect its continental parentage. Their IT captive unit in India Allianz Cornhill Information Services plc is located at Technopark, Trivandrum in Kerala.
Allianz owned Kleinwort Benson which it inherited when it bought Dresdner Bank. The investment bank has subsequently been merged with the corporate bank of Dresdner Bank and rebranded as Dresdner Kleinwort. It also owns the High Net Worth insurance broker Home and Legacy.bajaj allianj has more than 1200 branches across country and deals in primarily unitlinked,traditionl,health,child and pension policies.bajaj allianz is one of the fastest growing private life insurance company in india.
[edit]United States

Allianz has a growing prevalence within the United States, notably Allianz Life Insurance Company of North America and Firemen's Fund. Allianz Life Insurance Company of North America employs close to 2000 employees. Allianz also owns Pacific Investment Management Company, commonly called PIMCO.
[edit]Sports

Allianz provided naming rights for the Allianz Arena, a football stadium in the north of Munich, Germany, which is sponsored by Allianz. The two professional Munich football clubs Bayern Munich and TSV 1860 München have played their home games at Allianz Arena since the start of the 2005–06 season. Both clubs had previously played their home games at the Munich Olympic Stadium; Bayern Munich since 1972 and 1860 München since the 1990s.
Allianz owned the Polish football team Gornik Zabrze till April 2011 when has sold shares in controversial way.
Allianz had been in negotiations with the New York Jets and the Giants to buy naming rights to the New Meadowlands Stadium in East Rutherford, NJ, but those talks ended due to opposition from Jewish groups and holocaust survivors.[7]
Allianz has been involved in Formula One since 2000, firstly as a sponsor of the AT&T WilliamsF1 Team, and since 2011 as a sponsor of the Mercedes GP Petronas team.
In early 2009, Allianz signed an agreement to become the Global Partner of the St. Andrews Links Trust.