Continuing with its strategy of repositioning its product line,Allianz SE announced Thursday that it will sell the Fireman’s FundU.S. personal lines insurance, which is focused on high net worthcustomers, to ACE Limited for $365 million.
The sale is in line with Allianz’s plans, announced earlier in2014, to reposition its US property and casualty insurance businessby integrating the Fireman’s Fund Insurance Company (FFIC)commercial business into Allianz Global Corporate & Specialty(AGCS), the global industrial insurer of Allianz Group.
The sale also signals a further decline of the Fireman’s Fundbrand, which is slowly fading after 150 years. Fireman’s Fund wasfounded in San Francisco in 1863 by retired sea captain WilliamHoldredge to protect San Francisco homes and businesses during theboom times of the Gold Rush. The company’s name comes fromHoldredge’s pledge to donate 10% of company profits to the widowsand children of fallen San Francisco firefighters.
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Rosalie Donlon
Rosalie Donlon is the editor in chief of ALM's insurance and tax publications, including NU Property & Casualty magazine and NU PropertyCasualty360.com. You can contact her at [email protected].
