Ace closes $365m deal to buy US insurer
ZURICH (BestWire) ó Ace Ltd. has completed its $365 million acquisition of Firemanís Fund high net worth personal lines insurance business from Allianz Group, making Ace one of the largest high net worth personal lines insurers in the United States.
Ace is integrating the new business into its existing high net worth personal lines business, Ace Private Risk Services, bringing its premier personal lines customers to 120,000.
When the company announced the deal in December 2014, Ace said the transaction included the renewal rights for new and existing business, reinsurance of all existing reserves, and access to a network of agents and brokers.
With the acquisition, Ace Private Risk Services has more than 500 claims, underwriting, actuarial, operations and sales and marketing professionals, along with relationships with 1,500 brokers and agents.
ďAll of us at Ace, including our new colleagues who join us today from Firemanís Fund, are excited to complete this acquisition and focus our combined experience, capabilities and relationships on helping high net worth individuals and families protect their assets and enhance their security,Ē Juan Andrade, executive vice president of Ace Group and chief operating officer of Ace Overseas General, said in a statement.
Ace stepped up its efforts into the affluent market in 2007 when it acquired the high net worth personal lines business of New York-based Atlantic Cos., also known as Atlantic Mutual.
Ace Private Risk Services offers homeowners, auto, umbrella and excess liability, collectible and yacht coverage.
In 2013, Firemanís Fund Insurance Cos. wrote $509.2 million in homeowners direct premiums, $72.2 million private passenger automobile liability direct premiums, and $80.3 million in auto physical damage direct premiums, according to BestLink.
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