Allianz hits expansion trail

German insurer Allianz AG said it planned to extend its business to at least 10 mainland cities by 2010, up from one, Shanghai, now. The announcement comes ahead of next month's lifting of restrictions that limit insurance sales to designated cities. Hans-Joerg Probst, the deputy general manager of 51% held Allianz Dazhong, told Bloomberg the company would open two branches a year, starting in Guangzhou next year.