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Arch Insurance To Buy Allianz Global's U.S. MidCorp And Entertainment Insurance Businesses
(RTTNews) - Arch Insurance North America, part of Arch Capital Group Ltd. (ACGL), announced Friday it has entered into a master transaction agreement to acquire the U.S. MidCorp and Entertainment insurance businesses, including select specialty insurance programs, from Allianz Global Corporate & Specialty SE (AGCS) for a $450 million cash consideration to Allianz.
Arch estimates its capital requirement to support the business will be approximately $1.4 billion.
The transaction will enable further Arch Insurance's expansion into the middle-market property and casualty segment. It also adds a market-leading Entertainment business that complements Arch Insurance's existing portfolio of specialty products.
The businesses being acquired are written by Fireman's Fund Insurance Company and its subsidiaries and collectively totaled $1.7 billion of gross premium written in 2023.
Approximately 500 individuals supporting the business, including underwriting, claims and other professional staff, are expected to become Arch Insurance employees as part of the transaction
Arch Insurance currently provides a wide range of property, casualty and specialty insurance options across market segments and wrote approximately $5.8 billion of gross premium in North America in 2023.
The transaction is expected to close in the second half of 2024 and is subject to regulatory approvals.
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