Friday May 19th, 2000

German insurance group Allianz AG said on Friday it formed a partnership with Formula One team BMW Williams to cooperate in sponsoring, risk management and financial services.

Allianz said it would focus its sponsoring activities on markets where it lacks the same high profile that it enjoys in Germany. The insurer said the risk management cooperation would entail exchange of knowledge between the two partners and efforts to further improve safety standards in Formula 1 racing and the auto industry.

The insurer did not give any financial details of the planned cooperation.