Allianz to Sell Fireman's Fund Insurance Business in the U.S. for $1.4 Billion

By Helena Smolak

Allianz Group is set to sell its Fireman's Fund MidCorp and Entertainment insurance business in the U.S. to Arch Insurance North America for $1.4 billion, to refocus on its U.S. large corporate and specialty insurance segment.

The German insurer said Friday that 500 employees are expected to transfer to Arch as part of the deal, deal, scheduled to close in the second half of the year.

Allianz will remain represented in the U.S. market with Allianz's Corporate & Specialty business, Allianz Life, PIMCO and the global lines Allianz Partners and Allianz Trade.

Allianz sold Fireman's Fund personal insurance business, focused on high net-worth customers, in 2014.

Write to Helena Smolak at helena.smolak@wsj.com

(END) Dow Jones Newswires

04-05-24 1004ET