The deal includes the acquisition of Allianz’s midcorp and entertainment insurance businesses. Credit: MDart10/Shutterstock.
Arch Insurance North America, part of Arch Capital Group, has received regulatory approval for its $1.4 billion acquisition of Allianz’s U.S. assets.
The deal was announced in April 2024 and includes the acquisition of the midcorp and entertainment insurance businesses, including certain specialty insurance programs, of Allianz Global Corporate & Specialty (AGCS).
This acquisition is expected to close on August 1, 2024, subject to satisfaction of standard closing conditions.
The companies in question are currently under Fireman’s Fund Insurance Company and its subsidiaries, with combined gross written premiums in 2023 of $1.7 billion.
Following completion of the deal, approximately 500 employees, including those working in underwriting, claims and other professional staff, will become part of Arch Insurance.
Arch Insurance, known for its property, casualty and specialty insurance products, reported $5.8 billion in gross written premiums in North America for 2023.
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Announcing the deal, Matt Shulman, CEO of Arch Insurance North America, said: “The acquisition of the MidCorp business significantly expands our presence in the U.S. middle market, a targeted growth area for Arch.
“This transaction will strengthen our distribution relationships, broaden our product offering and expand our ability to participate in these risk-intensive middle market lines.
“We are also pleased to add a leading entertainment company that complements Arch Insurance’s existing portfolio of specialty products.”
Meanwhile, Arch Insurance International launched a parametric solution for event insurance in May 2024.
This product is designed to pay out claims for cancelled or postponed events. It meets the needs of various regional events in the UK and Europe, such as conferences, exhibitions, music and sporting events.
The offering includes both traditional indemnification and a parametric option, which allows claims to be settled up to a pre-determined limit.
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