The German insurer ALLIANZ and re-insurer MUNICH RE have announced the stage-by-stage reduction in their crossed shares to 20% by 2003, compared to the current 25%. The agreement also provides for a reallocation of their joint shares in several financial establishment: ALLIANZ will take almost full control of BAYERISCHE VERSICHERUNGSBANK by buying MUNICH RE's 45% stake. The insurer will also take a further 49.9% in FRANKFURTER VERSICHERUNG, in which it will then have a 100% stake. As counterpart, MUNCH will buy ALLIANZ's 36.1% stake in KARLSRUHER LEBENSVERSICHERUNG and its 39% in MERCUR ASSISTANCE, taking its share in these two companies to 90%and 63% respectively.