Allianz repositions its commercial P&C business in the United States
* Firemanís Fund commercial P&C business will become part of Allianz Global Corporate & Specialty (AGCS)
* Allianz will integrate its commercial P&C insurance in the US market under the Allianz brand
* Strategic options being considered for Firemanís Fundís personal lines business
The Firemanís Fund commercial property and casualty (P&C) business will be integrated into Allianz Global Corporate & Specialty (AGCS), the global corporate insurance company of Allianz. The integration further strengthens the Allianz brand in its US commercial P&C business.
This move follows the 2009 transfer of the Firemanís Fund Marine business to AGCS, under the leadership of Art Moossmann, Member of the Board of Management of AGCS. This integration brought nearly $600 million in annual gross premiums to AGCS, making AGCS one of the leading providers of specialty insurance in the US. The Firemanís Fund commercial P&C business focuses on declared areas of industry and product specialization, particularly those with domestic exposures across the United States, while AGCS concentrates on large corporations or specialty risks, particularly those with multinational exposures. The combined AGCS and Firemanís Fund commercial P&C business is expected to total over $3 billion in revenues, based on gross written premiums in 2013.
With the repositioning of the commercial P&C insurance in the US, various options are being considered to also build scale for the personal lines business of Firemanís Fund. This long-standing business area, which focuses on high net worth customers, has a strong reputation for its tailored customer service and expertise. Representing approximately one third of the Firemanís Fund business by gross premiums (2013), the personal lines business is a leader in its market and enjoys healthy profitability.
Andrew Torrance, CEO of Firemanís Fund Insurance Company, added: ďThis move gives our commercial P&C business greater direction and focus. AGCS will offer many benefits to Firemanís Fundís clients and business partners in the US, with its global reach, recognized expertise and AA rated financial strength.Ē
Axel Theis, CEO of Allianz Global Corporate & Specialty, commented: ďThe integration of the Firemanís 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.ĒAbout Allianz Global Corporate & Specialty
Allianz Global Corporate & Specialty (AGCS) is the Allianz Groupís dedicated carrier for corporate and specialty insurance business. AGCS provides insurance and risk consultancy across the whole spectrum of specialty, alternative risk transfer and corporate business: Marine, Aviation (incl. Space), Energy, Engineering, Financial Lines (incl. D&O), Liability and Property insurance, as well as International Insurance Programs.
Worldwide, AGCS operates in 28 countries with own units and in more than 160 countries through the Allianz Group network and partners. It employs more than 3,500 people and provides insurance solutions to more than half of the Fortune Global 500 companies, writing a total of Ä5 billion gross premium worldwide annually (2013). AGCS is rated AA by Standard & Poorís (Nov 2013) and A+ by A.M.Best (July 2014).About Firemanís Fund Insurance Company
As a premier property and casualty insurance company, Firemanís Fund has protected the future for its customers for more than 150 years. With innovative products backed by superior claims and risk management solutions, Firemanís Fund is a leader in high net worth, entertainment, and commercial insurance. Firemanís Fund is a member of the Allianz Group ó one of the worldís largest insurance providers ó and has a strong financial foundation.
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