Multiline insurer ACE Limited has signed a definitive agreement to purchase the high net worth personal lines business of Fireman’s Fund from Allianz. The transaction is valued at $365 million and is expected to close in the second quarter of 2015.
ACE plans to integrate the new unit into its personal lines division, ACE Private Risk Services, which includes homeowners, auto, excess liability, and umbrella coverage among its offerings. It hopes that the acquisition will build upon its private risk services division, which has a robust infrastructure to absorb the business, leverage existing operations and systems, and support growth.
As part of the transaction, ACE will obtain skilled and experienced employees to facilitate its expansion. “The Fireman’s Fund team joining us has a deep understanding of the high net worth market and strong relationships with the agents and brokers serving this discerning clientele,” said Evan G. Greenberg, chairman and CEO of ACE, in a statement.
[More on insurance M&A: Majesco to Merge With Cover-All]
Kelly Sheridan is Associate Editor at Dark Reading. She started her career in business tech journalism at Insurance & Technology and most recently reported for InformationWeek, where she covered Microsoft and business IT. Sheridan earned her BA at Villanova University. View Full Bio