Allianz SE (AL-ee-аnts; German pronunciation: [aliοants] (listening)) is a European multinational financial services company based in Munich, Germany. Its core business is insurance and asset management. as of 2014, the world's largest insurance company, the largest financial services group and the largest company by a composite scale by Forbes magazine, as well as the largest financial services company when measured by revenue 2013. The company is an element of the European Stock Market Index Stoxx 50. The asset management division, consisting of Pimco, Allianz Global Enders Real Estate, has €1,960 billion of assets under management (AuM), of which €1,448 billion is third-party assets (as in 2017-12-31). Allianz bank sold Dresdener to Commerzbank in November 2008. As a result of this transaction, Allianz acquired a 14% controlling stake in the new Commerzbank. Allianz AG was founded in Berlin on February 5, 1890 by then director of Munich reinsurance company Karl von Theem (a citizen of Erfurt, whose father was the director of Thuringia) and Wilhelm von Fink (co-owner of Merck Finck & Co. Bank). The joint venture is listed in the Berlin Commercial Register under the name Allianz Verserijons-Axtingiselschaft. Allianz's first marine products and accident policies were first sold in Germany, but in 1893 Allianz opened its first international branch office in London. Free insurance coverage was distributed to German customers seeking coverage abroad. In 1900, the company became the first insurance company to obtain a license to distribute corporate policies. In 1904 Paul vaughn River took over the sole leadership of the company, as she moved to the U.S. and other markets. Markets that had entered by 1914 included the Netherlands, Italy, Belgium, France, Scandinavia and the Baltic States, and Allianz became germany's largest offshore insurer. The company suffered an early disaster in expansion, when the 1906 San Francisco earthquake caused the company to bear 300,000 mark losses. In 1905, the company acquired Vides Insurance, a company that created the first form of home invasion insurance. Other places expanded during 1910 and 1920 included Palestine, Cyprus, Iraq, China, the Dutch Indies and Siam.