INSURANCE BRIEFS

INSURANCE BRIEFS

ALLIANZ HOPES TO RAISE

$600 MILLION IN OFFERINGEurope's biggest insurer, Allianz Versicherungs AG, aims to raise US$600 million (1 billion deutsche marks) through a share offering launched Thursday.

Allianz said the issue of 1.5 million new shares at 700 marks a share was intended to replenish funds after recent heavy expenditures undertaken in the former East Germany.

The company has said it plans to invest $1.2 billion in developing its eastern German business over the next five years.

UK BROKER ESTABLISHES

SUBSIDIARY IN PARIS

LONDON - U.K. insurance broker Willis Corroon has set up a Paris subsidiary over a year after breaking its longstanding relationship with Gras Savoye, the second-biggest French brokerage.

Willis said the new Paris operation would concentrate initially on servicing the French-domiciled operations of the group's multinational clients.

The Paris office also would aim to attract indigenous French companies as clients, Willis stressed.

SCOR GROUP LAUNCHES

NEW INSURANCE VENTURE

PARIS - A joint venture of SCOR SA, SCOR U.S. Corp. and Banque Nationale de Paris formed Commercial Risk Partners Ltd., according to Patrick Peugeot, chairman of SCOR SA.

The initial capitalization of Commercial Risk is $50 million, he said.

"The commencement of operations of Commercial Risk is the culmination of the SCOR Group's efforts to develop a vehicle and products to serve the growing demand for specialty insurance and reinsurance products," said Mr. Peugeot, who also will serve as the chairman of Commercial Risk.

MODEL NUMBER CHECKS

URGED ON CAR SEATS

ALBANY, N.Y. - Owners of Century and Evenflo child safety seats are being urged by Patricia B. Adduci, New York Department of Motor Vehicles commissioner, to check the model number and contact the manufacturer if a free repair kit is needed.

The two companies have recalled certain models of child seats that do not fully meet National Highway Transportation Administration safety standards, according to Ms. Adduci.

The recalls involve 644,000 Century Products seats with potential shoulder strap problems, and 162,000 Evenflo Juvenile Furniture seats with plastic push-pins that children could remove and swallow.