Allianz Global Corporate & Specialty (AGCS), the industrial insurance arm of the Allianz Group, and Fireman’s Fund Insurance Co, an Allianz general insurance unit in the United States, are combining their marine insurance businesses,.
The two Allianz subsidiaries will be merging their marine portfolios to create one unified global marine insurance organization under the AGCS brand. Leading the combined initiative out of New York will be Art Moossmann, who is responsible for specialty insurance, including marine, at Fireman’s Fund.
The AGCS marine business has underwriting hubs in all the key global marine centers including New York; Toronto, Canada; Paris, Hamburg, Germany; London and Singapore. The global Allianz marine gross premiums total around $1.5 billion (of which AGCS will account for around $1 billion), making what the company claims will be the largest marine insurer in the world with a share of the worldwide equivalent market of around $16.5 billion.
“(This) will enable us to further optimize our marine portfolio and expand our customer focused approach by being able to offer clients and brokers a wide range of products and services. It also allows us to focus on developing our U.S. property and casualty business with Fireman’s Fund,” said Clement Booth, the Allianz SE board of management member responsible for both AGCS and FFIC.
Mike LaRocco, Fireman’s Fund president and CEO, said, “This move lets us concentrate on the domestic personal and commercial markets, where we see the most potential for profitable growth. In addition, this is a logical response to the needs of global marine clients and demonstrates our commitment within the Allianz Group to speak to customers with a single voice.”
The AGCS marine operation covers the spectrum of marine business — from ocean-going ‘blue-water’ vessels and international cargo shipments to private yachts, coastal and river craft as well as related services such as freight forwarders and logistics specialists. In addition, ACGS offers specialist marine risk consultancy services, offering clients technical support for risk reduction ‘in the field.’ AGCS’ global team includes Master Mariners and logistics specialists who advise on cases such as unusual as tracking down cargo lost overboard on the high seas or to pirates.
The proposed merger of the portfolios is subject to regulatory approval.
For additional information, visit www.firemansfund.com.
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