Months after it was first announced, ACE Group on Wednesday confirmed that it has completed its acquisition of Fireman's Fund's high-net worth personal lines business.
PC360 first reported on the planned deal in December, noting that the sale was in line with Allianz's plans ongoing plan to reposition its U.S. property and casualty insurance business by integrating the Fireman's Fund Insurance Company (FFIC) commercial business into Allianz Global Corporate & Specialty (AGCS), the global industrial insurer of Allianz Group.
ACE plans on integrating the Fireman's Fund lines into its Private Risk Services segment, which manages homeowners, automobile, umbrella and yacht coverage for families and individuals with a relatively high net worth.
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