Euler Hermes ACI Acquires United Mercantile Agencies (UMA)

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Euler Hermes ACI, North America's leading provider of trade credit insurance, has acquired United Mercantile Agencies (UMA), a leading commercial collections and accounts receivable management company.

Euler Hermes ACI, North America's leading provider of trade credit insurance, has announced the acquisition of United Mercantile Agencies (UMA), a leader in commercial collections and accounts receivable management services.

UMA was founded in 1917 and is headquartered in Louisville, KY with regional offices in White Plains, NY and San Francisco, CA. Employing more than 100 associates, the company offers a suite of receivables management services that include commercial third party collections, receivables management outsourcing, international collections, and other debt mitigation services.

UMA has an outstanding reputation in the US credit community developed over its nine decades in the industry. The combination of Euler Hermes ACI's credit risk management expertise and UMA's finely honed collections infrastructure will further enhance the level of service offered to all Euler Hermes ACI clients.

Resulting from the acquisition, UMA will now be known as Euler Hermes UMA.

Euler Hermes ACI is North America's oldest and largest provider of trade credit insurance and risk mitigation solutions. The company protects and insures more than $125 billion in U.S. trade transactions annually. For more information about Euler Hermes ACI, visit http://www.eulerhermes.com/usa.

UMA is a recognized leader in accounts receivable management and commercial collections. Now in its 90th year of operation, the company undertakes the collection of delinquent accounts with a level of professionalism, integrity, and quality that is unmatched in the industry. For more information about UMA and its products and services, visit http://www.unitedmerc.com.

Euler Hermes is the worldwide leader in credit insurance and one of the leaders in bonding and guarantees. With 5,400 employees in 46 countries, Euler Hermes offers a complete range of services for the management of customer receivables. The group posted a 2 billion euro turnover in 2005. The North American subsidiary (Euler Hermes ACI) is headquartered in Owings Mills, MD. For more information visit http://www.eulerhermes.com/usa.

Euler Hermes, a subsidiary of AGF and a member of Allianz, is listed on Euronext Paris. Standard & Poor's rates the group and its principal credit insurance subsidiaries AA-.

Press Contact:

Rick Ostopowicz

Euler Hermes ACI Public Relations and Communications Specialist

Phone: (410) 753-0652

These assessments are, as always, subject to the disclaimer provided below.

Cautionary Note Regarding Forward-Looking Statements:

Certain of the statements contained herein may be statements of future expectations and other forward-looking statements that are based on management's current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. In addition to statements which are forward-looking by reason of context, the words 'may, will, should, expects, plans, intends, anticipates, believes, estimates, predicts, potential, or continue' and similar expressions identify forward-looking statements. Actual results, performance or events may differ materially from those in such statements due to, without limitation, (i) general economic conditions, including in particular economic conditions in the Allianz Group's core business and core markets, (ii) performance of financial markets, including emerging markets, (iii) the frequency and severity of insured loss events, (iv) mortality and morbidity levels and trends, (v) persistency levels, (vi) the extent of credit defaults (vii) interest rate levels, (viii) currency exchange rates including the Euro-U.S. Dollar exchange rate, (ix) changing levels of competition, (x) changes in laws and regulations, including monetary convergence and the European Monetary Union, (xi) changes in the policies of central banks and/or foreign governments, (xii) the impact of acquisitions, including related integration issues, (xiii) reorganization measures and (xiv) general competitive factors, in each case on a local, regional, national and/or global basis. Many of these factors may be more likely to occur, or more pronounced, as a result of terrorist activities and their consequences. The matters discussed herein may also involve risks and uncertainties described from time to time in Allianz AG's filings with the U.S. Securities and Exchange Commission. The Group assumes no obligation to update any forward-looking information contained herein.

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RICK OSTOPOWICZ
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