Global insurer Allianz has decided to incorporate Fireman’s Fund commercial property and casualty (P&C) business into Allianz Global Corporate & Specialty (AGCS).
The integration is said to enhance the firm’s brand in the commercial P&C business of US, according to Allianz. The move follows after the Fireman’s Fund Marine business was transfered to AGCS in 2009.
As per the gross written premiums recorded in 2013, the revenues of the combined business are expected to be around $3bn.
Fireman’s Fund Insurance CEO Andrew Torrance said: "This move gives our commercial P&C business greater direction and focus.
AGCS will offer many benefits to Fireman’s Fund’s clients and business partners in the US, with its global reach, recognized expertise and AA rated financial strength."
Strategic options are also being evaluated to build scale for the personal lines business of Fireman’s Fund, according to Allianz.
Allianz Global Corporate & Specialty CEO Axel Theis said: "The integration of the Fireman’s Fund commercial P&C business into AGCS allows Allianz to focus on opportunities in commercial insurance, operate under the Allianz brand and build upon the range of commercial P&C insurance solutions and relationships already successfully offered in the US by AGCS."
Allianz is evaluating options to sell some parts of the Fireman’s Fund to control underwriting losses, reports Reuters.