FRANKFURT (Reuters) - Allianz will need at least three years to turn its troubled U.S. unit Fireman's Fund into a dependably profitable niche insurer, an Allianz board member said.
The U.S. property-casualty unit has been a headache for Europe's biggest insurer, which has repeatedly had to build up loss buffers at the unit, while seeing it slide to an operating loss last year.
It has also reported a widening underwriting loss for the first three quarters of this year and was forced to bolster its reserves for potential claims by over $400 million.
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