Third-largest global industrial lines insurer, based on gross premiums. Second-largest property and casualty insurer within the Allianz group and the group's dedicated carrier for global corporate and specialty insurance. Well-established brand with a global footprint, extensive network, and ability to offer significant capacity worldwide. Challenging economic environment and competitive pressure on premiums in mature markets, with premium growth mainly in selected markets. Extremely strong capital adequacy, based on our risk-based capital model, which is expected to weaken to a strong level as a result of further business growth. Underwriting performance that compares favorably with the peer average, as displayed by a combined cost and claims ratio of 93% in 2013. Elevated potential volatility of capital and earnings, due to exposure
