Allianz, the German insurer, has raised its free float and increased its capital base by €386m ($413m) by converting one class of securities into ordinary shares.

Allianz was widely expected to come to the equity market after a rash of cash calls from competitors including Zurich Financial Services, Swiss Life, Scor and Legal & General. Insurers have been hit by falling portfolio values and insurance losses. Allianz, however, played down its need to raise equity capital.