Zurich-based company Ace has inked a deal to purchase German insurer Allianz Group’s Fireman’s Fund high net worth personal lines insurance business in the US for $365m.
Following the deal, the Fireman’s Fund unit will be integrated into Ace Private Risk Services, which is Ace’s existing high net worth personal lines business, provides coverage such as homeowners, automobile, umbrella and excess liability, collectibles and yachts.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
Evan Greenberg, chairman and CEO of ACE Limited, said, "High net worth personal lines remains a strategic growth area for ACE and ACE Private Risk Services has quickly established itself in this space. The addition of the personal lines business of Fireman’s Fund will reinforce and advance ACE’s position as a premier provider of insurance to the high net worth market."
The deal includes the renewal rights for new and existing business, reinsurance of all existing reserves, as well as access to a network of nearly 1,100 agents and brokers.
Juan Andrade, chief operating officer of Ace Overseas General, said that Ace aims to retain majority of employees from the purchased unit.
The transaction, subjected to legal and regulatory approval, is expected to be closed in the second quarter of next year.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
