缅北轮奸

On Dec. 18, Allianz Group announced that it would sell the U.S. personal lines business of its Fireman’s Fund unit to ACE for $365 million by means of renewal rights arrangement.

The merger of the personal lines business with ACE and the planned integration of the Fireman’s Fund commercial business into Allianz Global Corporate & Specialty (AGCS) will mean a brand name that has been in existence for more than 150 years will fade away. The Novato, Calif.-based company was launched in 1863.

Allianz said the sale of the personal lines business, which is focused on high-net-worth customers, allows it to focus on building its commercial P/C business across North America under the Allianz brand, creating a business with combined revenues that are expected to total more than $3 billion, based on gross premiums written in 2013.

A new leadership team for this combined FFIC/AGCS business was announced on Dec. 12, with AGCS board member Art Moossmann becoming CEO and president of both AGCS North America (AGCS NA) and FFIC.

Allianz said the FFIC commercial business will be integrated into AGCS NA, with all active product lines moving to AGCS. The company said this promises continuity of service for existing commercial policyholders and agents, while also presenting one brand to customers across all segments of the U.S. P/C market.

AGCS also will seek to build on the FFIC product range globally, targeting opportunities to use FFIC’s knowledge of entertainment and mid-corporate insurance in international markets.

Subject to legal and regulatory approval, Allianz said at the same time that it plans to separate and consolidate the legacy business of FFIC, including legacy asbestos and environment exposures, legacy workers’ compensation, and legacy construction defect liabilities, into a stand-alone company, San Francisco Re. Such a move requires regulatory approval.

ACE said the Fireman’s Fund business will be integrated into its existing high-net-worth personal lines business, ACE Private Risk Services, which offers coverage for homeowners, automobile, umbrella and excess liability, collectibles, and yachts. In 2013, Fireman’s Fund had $891 million in personal lines gross written premiums and ranked third among insurers serving the U.S. high-net-worth consumer market.

ACE will gain renewal rights for new and existing business, reinsurance of all existing reserves, and access to a network of about 1,100 agents and brokers. The deal is set to close in the second quarter of 2015.

Allianz bought Fireman’s Fund in 1991 for more than $3 billion as it looked to expand in the United States

ACE to Keep Most Staff: Andrade

ACE said it will keep most of the employees with Fireman’s Fund’s personal lines business.

“We value Fireman’s Fund talent and culture,” Juan Andrade, an executive vice president and head of ACE Group’s personal lines and small business insurance, told 缅北轮奸. “In connection with the transaction, ACE intends to offer employment to the majority of Fireman’s Fund Personal Insurance employees.”

Andrade said the blending of ACE and Fireman’s Fund businesses will be highly complementary.

“Fireman’s Fund is known for unparalleled service to its clients, and ACE is committed to the same high standards,” Andrade said. “We expect our combined teams will only improve and sharpen their focus on providing outstanding service to agents and brokers and their clients. Fireman’s Fund and ACE are both dedicated to strong agency partnerships.”

ACE expects that the expanded selling and distribution network will lend itself toward major growth for high-net-worth personal lines underwriting, Andrade said, which is a strategic growth area for the company through its ACE Private Risk Services division.

“We estimate that the vast majority of high-net-worth individuals and families — perhaps more than 80 percent — have policies from standard market carriers, often sold by captive agents or direct writers. These individuals and families frequently overpay to be underinsured in such situations,” Andrade said. “The few companies that specialize in serving [high-net-worth] clients, as well as the independent agents and brokers that represent them, have a tremendous opportunity to tap this underserved market and achieve strong growth.

Aside from the Fireman’s Fund deal, ACE said it will pursue organic growth down the line. As well, it will also “consider potential strategic acquisitions that complement our business and can provide favorable returns for our shareholders,” Andrade said.

While ACE is getting a big chunk of Fireman’s Fund’s remaining business, it won’t be getting the name. “The future of the Fireman’s Fund brand remains up to Allianz,” which retains the rights, Andrade said.

Topics Mergers & Acquisitions USA Agencies Allianz