Allianz Global Risks US Insurance Company Launches Power Generation Unit.

Energy Editors/Business Editors

CHICAGO--(BUSINESS WIRE)--Jan. 23, 2004

Allianz Global Risks US Insurance Company has launched a new business unit to provide property insurance to the U.S. power generation industry, including utilities and wholesale suppliers. With its A+ credit rating, financial strength, broad institutional experience, and global capabilities, Allianz Global Risks US is committed to providing significant capacity in a market that has been in flux. The company is targeting large, financially sound clients dedicated to the business of power generation.

The new power generation executives are:

-- David Black, CSP, ARM, is the practice leader-assistant vice

president. David spent the previous 10 years with the Starr

Tech group of AIG in Dallas holding various management,

underwriting, and engineering positions. He began his

insurance career as a loss control consultant with Factory

Mutual Group as well as serving a tour as an officer in the

Civil Engineering Corps of the US Navy. David graduated from

the University of Iowa with a BSE in Mechanical Engineering.

-- Michael Berlinghof is the power generation and utilities

consultant. Michael has held various positions within the

Allianz Group dating back to 1991. Most recently, he has been

involved with the Allianz Global Risks engineering department

as team leader for heavy industries expert team, with a

decided expertise in the machinery breakdown and business

income disciplines. Michael holds degrees from the University

of Freiburg and from the University of Applied Sciences in

Mannheim.

-- Cecilia Freedman joined Allianz Global Risks US after spending

five years with General Cologne Re where she held

responsibilities for marketing, underwriting, and production

of property facultative business over a wide array of industry

groups. Cecilia is a graduate of the University of Texas at

Austin with a BA in Spanish and Business.

Allianz Global Risks US Insurance Company is the U.S. unit of Allianz Global Risks. Allianz Global Risks is the international industrial insurance carrier of the Allianz Group. As one of the largest providers of international corporate insurance, Allianz Global Risks provides coverage for the majority of Fortune 500 companies. In cooperation with other Allianz Group companies, such as Allianz Risk Transfer and Allianz Risk Consultants, Allianz Global Risks offers products and services for corporate risk management.

Allianz Group, one of the leading global financial service providers, offers a broad range of products and services to its 60 million clients in over 70 countries. With assets under management amounting to one trillion 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+.