Allianz, Daimler Sign International Auto Coverage Partnership Agreement

February 3, 2010

Germany’s largest insurer has signed a partnership agreement with car-maker Daimler to provide global automotive insurance. The agreement also provides that Allianz will become Daimler’s exclusive partner for automotive insurance business for its vehicles in Italy, in addition to the “existing collaborations in numerous markets in Eastern Europe and in Australia.”

Allianz noted that the new agreement has made it Daimler’s “preferred partner for automotive and warranty insurance whenever the latter calls for bids in its approximately 40 foreign markets.”

However, the bulletin also noted that the “new agreement does not affect the existing cooperation agreement between Mercedes-Benz Bank and HDI Direkt Versicherungs AG concerning the automotive insurance business in Germany.”

“We have concentrated our worldwide expertise in the Global Automotive business unit so that we can form real development partnerships with customers like Daimler Insurance Services,” explained Karsten Crede, board member of Allianz Global Corporate & Specialty AG. “We will support Daimler’s commitment to premium quality and technological leadership by developing suitable insurance products in order to expand the brand experience of Daimler vehicles with an additional insurance-related element.”

Martin Schindewolf, CEO and Chairman of Daimler Insurance Services GmbH, added: “Daimler has been working together with Allianz for more than 80 years now. This agreement will allow us to further strengthen our partnership in the international automotive insurance business.”

Source: Allianz – www.allianz.com

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