(Bloomberg) — The sale of a Fireman's Fund unit from Allianz SE to Ace Ltd. stands to further diminish an iconic U.S. insurance brand that dates to the 1800s.
The buyer said today that it will integrate the operation, which caters to wealthy individuals, into Ace Private Risk Services. The seller has already begun to fold Fireman's Fund's remaining commercial businesses into other Allianz units. Below is a timeline of the Fireman's Fund brand.
1863: Fireman's Fund is founded by retired sea captain William Holdredge as an insurer of homes and businesses in Gold Rush-era San Francisco. The company's name stems from a pledge by the founders to donate 10% of profits to the city's Fire Department Charitable Fund.
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