Allianz Insurance Company, a Burbank-Based Subsidiary of the Allianz Group, Appoints Chief Executive Officer; Kevin R. Callahan, formerly Aon is new Chief Executive Officer.

Business Editors

BURBANK, Calif.--(BUSINESS WIRE)-- May 10, 2002

Allianz Insurance Company ("AIC"), a member of the Allianz Group -- one of the world's leading financial services providers -- is pleased to announce the appointment of Kevin R. Callahan to chief executive officer.

In his position as CEO of AIC, Mr. Callahan will be responsible for building AIC into an innovative insurance provider for Allianz's client base in the US. AIC is an integral part of the worldwide strategy to focus on large accounts through its new brand Allianz Global Risks (AGR).

"We are extremely pleased to have someone of Kevin's caliber and experience in this important post," said Steve Schleisman, president and CEO of Allianz Global Risks. "We are confident Kevin will be a great addition as we build on our success to become a state-of-the-art risk service provider for the Fortune 500 companies in the United States." Allianz Global Risks is the international industrial insurance carrier of the Allianz group.

Callahan joins AIC from Aon Corporation, where he spent five years. During that period, he formed Aon Capital Markets, led Aon Securities Corporation, was a member of the management committee of Aon Risk Services of the Americas, and was an executive vice president in Aon Re. Commenting on his departure Michael O' Halleran, president and chief operating officer of Aon, said: "Kevin has been an integral part of Aon. While I am sad to see him leave, I am supportive of his move to Allianz. I am looking forward to working with Kevin in his new role and growing Aon's relationship with Allianz."

Prior to joining Aon Corporation in 1996, Callahan was a vice president at Goldman, Sachs & Co. where he founded and headed the Insurance Products Group and was president of GS Risk Advisors, an insurance and reinsurance intermediary. Callahan spent over 11 years at Goldman Sachs, specializing in insurance products, the financial services industry and derivatives business.

Kevin Callahan was born June 1, 1961, in Syracuse, N.Y. He is a graduate of the University of Notre Dame, with a B.B.A. (Bachelor of Business Administration) in finance and philosophy.

In the United States, AIC is the industrial insurance provider of the Allianz Group. The Allianz Group is one of the leading global financial service providers. Allianz services its 60 million clients in over 70 countries with a broad range of products. As one of the largest providers of international corporate insurance, Allianz provides insurance coverage for the most important Fortune 500 companies. With assets under management amounting to 1 trillion Euro, Allianz is also one of the largest investors in the world. The Allianz Group is rated AA+ by Standard & Poor's and A++ by A.M. Best.

For more information, please contact John Kozero, Public Relations director, Fireman's Fund Insurance Company at 415/899-2166.

Except for the historical information and discussions contained in this news release constitute forward-looking statements within the meaning of the Private Securities Litigation Form Act of 1995. These statements may involve a number of risks, uncertainties and other factors that could cause actual results to differ materially, including the performance of financial markets, the investment performance of AAM's sponsored investment products and separately managed accounts, general economic conditions, future acquisitions, competitive conditions and government regulations, including changes in tax laws. Readers should carefully consider such factors. Further, such forward-looking statements speak only on the date at which such statements are made. AAM undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements.