Allianz merges marine insurance subsidiaries
Posted on 13 August 2008
Allianz Global Corporate & Specialty, the industrial insurance arm of the Allianz Group, and Fireman’s Fund Insurance Company, an Allianz general insurance unit, are combining their marine insurance businesses.
The two Allianz subsidiaries will merge their marine portfolios to create one unified global marine insurance organization under the AGCS brand. Art Moossmann will lead the initiative from New York.
The AGCS marine operation covers commercial and recreational boats, as well as related services.
“This move lets us concentrate on the domestic personal and commercial markets, where we see the most potential for profitable growth,” said Mike LaRocco, Fireman’s Fund president and CEO, in a statement. “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 business has underwriters in hubs throughout the world, including New York, Toronto, Paris, London and Singapore.
The proposed merger of the portfolios is subject to regulatory approval.