One of the world’s biggest insurers, Allianz SE offers a range of insurance products and services — including life, health, and property/casualty coverage for individuals and businesses — through some 100 subsidiaries and affiliates operating all over the globe. In addition to selling insurance, Allianz provides retail and institutional asset management services through Allianz Global Investors and private equity investment through Allianz Capital Partners. Its Dresdner Bank subsidiary is one of Germany’s largest banks, offering both retail and investment banking. Allianz has transformed itself into a Societas Europaea, a joint stock company that operates under European Union rules.
Criticism
Business Ethics
- Who Really Bears the Insurer’s Risk?: “By presenting themselves as insurance producers -and defending their presumed prerogatives as such-insurance companies have misled, and mistreated, consumers around the world. From this basic issue spring the problems of insurance redlining, the unavailability (or unaffordability) of compulsory automobile or other essential insurance, unfair discrimination in the underwriting, classification, and rating of risks, and the failure-or refusal-of insurers to give proper benefit to policyholders for the gains won on investments made with their income.”
- Regulators: Canary allowed to time market: “The action is the latest in the sprawling mutual fund scandal, which began in September when New York Attorney General Eliot Spitzer settled charges with hedge fund Canary Capital Partners that it engaged in illegal mutual fund trading practices. It is the first mutual fund enforcement action by New Jersey authorities.”
- NASD Fines Allianz $5 Million: “NEW YORK — The National Association of Securities Dealers fined German insurer Allianz SE’s USAllianz Securities unit $5 million for what the regulatory organization called “widespread” supervisory and record-keeping violations.”
Brands & Subsidiaries
Access America,
AGF,
Buergel,
Dresdner Bank,
Elvia,
Euler Hermes,
Fireman’s Fund,
Interstate Insurance Group,
Nicholas-Applegate Capital Management, NFJ Investment Group,
Mondial Assistance Group,
Oppenheimer Capital,
PIMCO,
RCM,
World Access