The ratings on Allianz Global Corporate&Specialty's (AGCS) core operating entities Allianz Global Corporate&Specialty SE (AGCS SE), Allianz Global Risk U.S. Insurance Co. (and related subsidiaries under the intercompany pooling agreement including Fireman's Fund Insurance Co.[FFIC]), as well as Allianz Fire and Marine Insurance Japan Ltd. reflect S&P Global Ratings' view of these companies' intrinsic roles within the Allianz SE (AZSE) group, and its expectation that AZSE will support these entities under any stress scenario. It also reflects AGCS' status as a dedicated carrier for global corporate and specialty insurance for AZSE. In line with our criteria, the ratings on AGCS' core operating entities reflect those on AZSE. We view AGCS SE's subsidiaries Allianz Global Corporate and
