Allianz restructures US P&C business
Allianz has repositioned its commercial property and casualty (P&C) business in the United States.
The Fireman’s Fund commercial P&C business is set to be integrated into Allianz Global Corporate & Specialty (AGCS), the global corporate insurance company of Allianz.
The Fireman’s Fund business focuses on declared areas of industry and product specialisation, particularly those with domestic exposures across the United States. AGCS concentrates on large corporations or specialty risks, particularly those with multinational exposures.
Allianz said the combined business is expected to total over $3 billion in revenues, based on gross written premiums in 2013.
In 2009, the Fireman’s Fund marine business was transferred to AGCS, under the leadership of Art Moossmann, member of the board of management of AGCS.
Andrew Torrance, chief executive officer (CEO) of Fireman’s Fund Insurance Company, said: “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, recognised expertise and AA rated financial strength.”
Axel Theis, CEO of Allianz Global Corporate & Specialty, added: "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."