Multiline property and casualty insurer ACE Group has completed the acquisition of Fireman’s Fund high net worth personal lines insurance business from Allianz, for around $365m.
The deal, which was first announced in December 2014, is said to expand ACE’s position as one of the largest high net worth personal lines insurers in the US.
ACE Group executive vice-president and ACE overseas general COO Juan Andrade said: "All of us at ACE, including our new colleagues who join us today from Fireman’s Fund, are excited to complete this acquisition and focus our combined experience, capabilities and relationships on helping high net worth individuals and families protect their assets and enhance their security.
"Together, and in partnership with independent agents and brokers, our team is working to provide an even higher level of service to meet the sophisticated insurance needs of clients, wherever they might be around the world."
As part of the deal, ACE has acquired the renewal rights for new and existing business and reinsurance of all existing reserves.
ACE incorporates the acquired business into its existing high net worth personal lines business, ACE Private Risk Services, which provides coverage, including homeowners, automobile, umbrella and excess liability, collectibles and yachts.
The integration allows ACE Private Risk Services to get access with around 120,000 premier personal lines customers, over 500 claims, underwriting, actuarial, operations and sales and marketing professionals and relationships with 1,500 brokers and agents.
Image: ACE North American headquarters at Philadelphia. Photo: courtesy of William Taufic 2010.