Allianz Life Acquires Delaware Valley Financial Services; Acquisition of Administration Firm Comes after a 15-Year Business Relationship.Business Editors MINNEAPOLIS--(BUSINESS WIRE)--June 18, 2003 Allianz Life Insurance Company of North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. (Allianz Life(TM)), today announced it has acquired Delaware Valley The Delaware Valley is the name of the metropolitan area centered on the city of Philadelphia in the United States. The region is named for the Delaware River which flows through it. Financial Services (DVFS DVFS Dynamic Voltage and Frequency Scaling DVFS Delaware Valley Financial Services (Berwyn, PA third party administrator of variable annuities) DVFS Distributed Video File System DVFS Distributed Virtual File System ), a third-party administration services firm based in Berwyn, Pennsylvania. The acquisition comes as a result of a long and successful business relationship between the companies. DVFS has provided administration services for Allianz Life's variable products business since 1988. "Over the past 15 years, DVFS has been a valuable business partner to Allianz Life. DVFS is a first-class, award-winning operation, totally focused on delivering superior service solutions to meet customer needs, a business priority at Allianz Life," said Mark A. Zesbaugh, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Allianz Life. "We are the fastest-growing provider of variable annuities Variable annuities Investment contracts whose issuer pays a periodic amount linked to the investment performance of an underlying portfolio. in North America today, and this acquisition helps assure that our customers will continue to receive superior service as our business expands." Founded in 1978, DVFS offers comprehensive administrative, information technology and support services support services Psychology Non-health care-related ancillary services–eg, transportation, financial aid, support groups, homemaker services, respite services, and other services to insurance carriers and their distribution channels, with an emphasis on administration of variable products. The company currently employs some 300 people. We have always operated as a strategic business partner with Allianz Life, and this agreement solidifies our relationship and provides us with the resources to grow and helps to assure our future," Said Lois Haber, president and CEO of DVFS. For the past two years, Allianz Life's affiliate, USAllianz Investor Services, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , has been the fastest-growing provider of variable annuities in North America, according to Info-One(TM)/VARDS market reports. Allianz Life's gross premium income from variable contracts increased by 234 percent in 2002, reaching $1.8 billion, placing Allianz Life in the top 20 providers of variable annuities in the North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. market. Through May 30, 2003, the company's gross premium income from variable products has continued to surge, surpassing $1 billion, 89 percent ahead of the same period of 2002. Allianz Life's total gross premium income from all product lines reached a new record high of $9.1 billion for the year 2002, an increase of 104 percent over the prior year. About Allianz Life Insurance Company of North America Allianz Life Insurance Company of North America (Allianz Life) is a leading provider of fixed and variable annuities and life policies and long term care products through independent distribution networks and financial institutions in the U.S. Allianz Life is also a major provider of life and health reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. services. Allianz Life is a company of the Allianz Group, one of the world's leading integrated financial services providers, and the 18th largest corporation in the world (Fortune, July 2002). Allianz Group is represented with 700 subsidiaries in over 70 countries around the globe, and employs 180,000 people worldwide. Allianz Life headquarters are based in Minneapolis. |
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