Allianz Defends Record on Holocaust Claims

Germany’s Allianz defended its track record on dealing with Holocaust-era insurance claims as it responded to warnings that the insurer’s handling of the issue may derail its proposed takeover of U.S. fund manager Pimco Advisors Holdings. On Wednesday, state Insurance Commissioner Chuck Quackenbush demanded a review of Allianz’s proposal. German insurance industry sources said that the state has no legal means to stop the $4.68-billion all-cash deal with Newport Beach-based Pimco. The German insurer allegedly refuses to publish a full list of unpaid Holocaust-era claims because producing the list would take years. Under a new California law, firms doing business in the state are required to publish those lists. Allianz says it has been actively dealing with the issue of settling claims of Holocaust survivors since 1997.