Switzerland-based ACE has entered into an agreement with Allianz to acquire its Fireman’s Fund high net worth personal lines insurance business in the US, for around $365m.
The deal is said to expand ACE’s position as one of the largest high net worth personal lines insurers in the US.
ACE chairman and CEO Evan Greenberg 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. We are proud to welcome their valued clients and producers to our company."
As part of the deal, ACE will acquire the renewal rights for new and existing business, reinsurance of all existing reserves, and access to an extensive network of approximately 1,100 agents and brokers.
ACE will incorporate 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.
According to ACE, Fireman’s Fund had $891m in personal lines gross written premiums in 2013, and ranked third among insurers serving the US high net worth consumer market.
Subject to customary closing conditions including insurance regulatory approval, the transaction is expected to be completed in the second quarter of 2015.
Operating in 54 countries, ACE Group offers commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients.
Image: Allianz’s current head office is located in Munich. Photo: courtesy of Oliver Raupach.