Two subsidiaries of Munich-based insurer Allianz will be merged to create one unified global marine insurance organization under the Allianz Global Corporate & Specialty AGCS brand, it was announced.
AGCS, the industrial insurance arm of the Allianz Group, and Fireman's Fund Insurance Company FFIC, an Allianz general insurance unit in the United States, are combining their marine businesses, the firm said.
Leading the combined initiative out of New York will be Art Moossmann, who is currently responsible for specialty insurance, including marine, at Novato, Calif.-based Fireman's Fund, a member of the Allianz Group.
The AGCS marine business has underwriting hubs in all the key global marine centers, including New York, Toronto, Paris, Hamburg, London and Singapore. The company said the global Allianz marine gross premiums total around $1.5 billion, of which AGCS will account for around $1 billion.
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