AGCS COMPLETES SALE OF FIREMAN’S FUND PERSONAL LINES BUSINESS TO ACE

The deal for Fireman’s Fund’s personal lines business to transfer from Allianz Global Corporate & Specialty to Ace has completed. The sale, valued at $365m, includes the renewal rights and reinsurance of existing liabilities of the business, which focuses on high net worth clients. More than 500 Fireman’s Fund employees have moved with the business. Ace said it expects to make offers of coverage to most Fireman’s Fund policyholders at renewal. Fireman’s Fund’s commercial business is now being integrated into AGCS, and has roughly doubled AGCS size in North America to around $3bn in gross written premiums. AGCS has also announced plans to launch a new financial lines range of products, led by New York City-based Paul Schiavone, which will include directors’ and officers’, professional indemnity, and errors and omissions, to complement the established professional liability teams coming to AGCS as part of the Fireman’s Fund commercial integration. Allianz revealed plans to carve up Fireman’s Fund last year, with the retail business sold, legacy contracts were put into the newly founded San Francisco Re and the industrial and commercial business has been merged with AGCS.