(Bloomberg) — Allianz SE named a new chief executive officer forits Fireman's Fund unit as Europe's largest insurer prepares for apossible sale of the business and narrows its focus in the U.S.
|Art Moossmann, a board member of Allianz's global corporate andspecialty unit, takes over as Fireman's Fund CEO on Jan. 1, theMunich-based insurer said today in a statement. He replaces AndrewTorrance, who will step down, Allianz said. Fireman's Fund sellspolicies to high-net-worth consumers.
|Fireman's Fund in being combined with Allianz's North Americancorporate & specialty unit. Allianz has been focusing its U.S.insurance operations on business clients. The insurer announced inSeptember that it was considering “strategic options” for Fireman'sFund.
|“The U.S. commercial P&C market has great potential forAllianz, which we can best support as one company,” Chris FischerHirs, who becomes CEO of Allianz Global Corporate & Specialtyon Jan. 1, said in the statement.
|Allianz declined 2.4% to 134.50 euros today in Frankfurt, andhas gained 3.2% this year.
|Copyright 2018 Bloomberg. All rightsreserved. This material may not be published, broadcast, rewritten,or redistributed.
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