Allianz Global Risks US Insurance Co. Unveils Power Generation Unit

January 26, 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. The company is targeting large, financially sound clients dedicated to the business of power generation. The new power generation executives are:

— David Black, is the practice leader-assistant vice president. Black 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.

— Michael Berlinghof is the power generation and utilities consultant. Berlinghof 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.

— 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.

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