Allianz Rating Unaffected By Restructuring Plan.Business Editors OLDWICK, N.J.--(BUSINESS WIRE)--May 4, 2000 A.M. Best Co.'s A++ (Superior) financial strength rating on Allianz Allianz SE[1], (ISIN: DE0008404005; IPA pronunciation: [alli-anz], and formerly AG) is a large financial service provider headquartered in Munich, Germany. A.G., Munich Munich (my  `nĭk), Ger. München (mün`khən), city (1994 pop. 1,255,623), capital of Bavaria, S Germany, on the Isar River near the Bavarian Alps. , Germany and its rated subsidiaries is unaffected
by the strategic restructurings of Allianz and Munich 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. Co.
A.G., Munich.The two companies historically have held 25% of each other's shares. Under an agreement announced today, this amount will decrease to 20% within three years to permit Allianz to redeploy re·de·ploy tr.v. re·de·ployed, re·de·ploy·ing, re·de·ploys 1. To move (military forces) from one combat zone to another. 2. its excess capital in its core businesses. The Allianz Group's focus has been in building its third-party asset-management capability and increasing its global life business and German non-life business. The two groups also have signed a letter of intent for Allianz to buy Munich Re's 45% shareholding in Bayersiche Versicherungsbank A. G. and 49.9% shareholding in Frankfurter Versicherungs A.G. for an undisclosed sum. The letter also states that Allianz will sell its 36.1% share of Karlsruher Lebensversicherung A.G., as well as 39% in Mercur Assistance A.G. Holding, within thee years. These transactions are taking place in anticipation of the proposed tax reform affecting the abolition The destruction, annihilation, abrogation, or extinguishment of anything, but especially things of a permanent nature—such as institutions, usages, or customs, as in the abolition of Slavery. In U.S. of capital gains taxation on long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. shareholdings in German corporations. This activity underscores the increasing importance the German financial-services sector attaches to this legislation, which will permit the companies to unlock excess and underutilized capital to restructure themselves 0through mergers and acquisitions. It would help the German financial-services community compete more effectively in their home market and globally. This restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). will continue to accelerate in the months and years to come as domestic and foreign companies begin implementing their strategic plans to take advantage of the expected favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. fiscal treatment of long-term capital gains Long-term capital gain A profit on the sale of a security or mutual fund share that has been held for more than one year. . The A++ ratings of Allianz A.G.'s core subsidiaries unaffected by the restructurings are: - Allianz Aktiengesellschaft, Germany. - Allianz Versicherungs-AG, Germany. - Allianz Lebensversicherungs-AG, Germany. - Frankfurter Versicherungs-AG, Germany. - Bayerische Versicherungsbank AG, Germany. - Vereinte Versicherung AG, Germany. - Vereinte Lebensversicherung AG, Germany. - Vereinte Krankenversicherungs AG, Germany. - Hermes Kreditversicherungs AG, Germany. - Assurances Generales de France (AGF), France. - Assurances Generales de France IART, France. - Assurances Generales de France Vie, France. - Assurances Generales de France MAT, France. - Riunione Adriatica di Sicurta S.p.A.(RAS), Italy. - Lloyd Adriatico S.p.A., Italy. - Allianz Elementar Versicherung-AG, Austria. - Allianz Elementar Lebensversicherungs-AG, Austria. - Elvia Schweizerische Versicherungs-Gesellschaft, Switzerland. - Elvia Schweizerische Lebensversicherungs-Gesellschaft, Switzerland. - Cornhill Insurance PLC, United Kingdom. - Allianz Insurance Company of Canada, Canada. - Trafalgar Insurance Company of Canada, Canada. - Fireman's Fund Insurance Companies, United States. - Allianz Insurance Company, United States. - Allianz Life Insurance Company of North America, United States. A.M. Best Co., established in 1899, is the world's oldest and most authoritative insurance rating and information source. For more information, visit A.M. Best's Web site at www.ambest.com. |
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