California-based Fireman’s Fund Insurance Company, a subsidiary of Allianz AG of Munich, Germany, will receive capital from its parent to increase its reserves for asbestos and environmental (A&E) exposure.
Scheduled to occur at the close of the third quarter, $750 million will be added to current A&E reserves of $760 million to bring total A&E reserving to $1.51 billion.
“Our net adjusted survival ratio increases to over 13 years,” Jeff Post, CEO of Fireman’s Fund, said. “Contrast that level of strength to the average industry A&E reserves—which industry experts currently estimate at about eight years—a problem that has been exacerbated by a dramatic up-tick in litigation surrounding the asbestos issue.”
Allianz’ support of Fireman’s Fund was reaffirmed by Michael Diekmann, member of the Board of Management of Allianz AG responsible for North American business and Chairman of Fireman’s Fund, noting. “Our actions show Fireman’s Fund to be a core player in the Allianz family of companies.”
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