MUNICH (dpa-AFX) - ACE Ltd. (ACE) agreed to acquire the Fireman's Fund high net worth personal lines insurance business in the U.S. from Allianz SE (AZSEY) for $365 million. The acquisition expands ACE's position as one of the largest high net worth personal lines insurers in the U.S.
The Fireman's Fund business will be integrated into ACE's existing high net worth personal lines business, ACE Private Risk Services, which offers a broad range of coverage including homeowners, automobile, umbrella and excess liability, collectibles and yachts.
The acquisition includes the renewal rights for new and existing business, reinsurance of all existing reserves, and access to an extensive network of approximately 1,100 agents and brokers.
The deal, primarily subject to insurance regulatory approval, is expected to be completed in the second quarter of 2015 and be accretive to earnings immediately.
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