(Bloomberg) — Allianz SE named a new chief executive officer for its Fireman's Fund unit as Europe's largest insurer prepares for a possible sale of the business and narrows its focus in the U.S.
Art Moossmann, a board member of Allianz's global corporate and specialty unit, takes over as Fireman's Fund CEO on Jan. 1, the Munich-based insurer said today in a statement. He replaces Andrew Torrance, who will step down, Allianz said. Fireman's Fund sells policies to high-net-worth consumers.
Fireman's Fund in being combined with Allianz's North American corporate & specialty unit. Allianz has been focusing its U.S. insurance operations on business clients. The insurer announced in September that it was considering “strategic options” for Fireman's Fund.
“The U.S. commercial P&C market has great potential for Allianz, which we can best support as one company,” Chris Fischer Hirs, who becomes CEO of Allianz Global Corporate & Specialty on Jan. 1, said in the statement.
Allianz declined 2.4% to 134.50 euros today in Frankfurt, and has gained 3.2% this year.
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