The Fireman’s 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 Fireman’s 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 Fireman’s 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 Fireman’s 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 Fireman’s 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 Fireman’s Fund business by gross premiums (2013), the personal lines business is a leader in its market and enjoys healthy profitability.
Andrew Torrance, CEO of Fireman’s Fund Insurance Company, added: “This move gives our commercial P&C business greater direction and focus. AGCS will offer many benefits to Fireman’s Fund’s clients and business partners in the US, with its global reach, recognized expertise and AA rated financial strength.”
Axel Theis, CEO of Allianz Global Corporate & Specialty, commented: “The integration of the Fireman’s 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.”