Bulletin: Allianz's U.S. MidCorp And Entertainment Business Sale Highlights Focus On U.S. Large Corporate And Specialty Insurance

FRANKFURT (S&P Global Ratings) April 10, 2024--Allianz SE's (AZSE, AA/Stable/A-1+) announcement that it has entered into a definitive agreement to transfer Allianz Global Corporate&Specialty SE's (AGCS's) U.S. MidCorp and Entertainment business to Arch Insurance North America, which is part of Arch Capital Group Ltd. (A-/Stable/--), is in line with AGCS's strategy to focus on large corporate and specialty insurance in its North American operations. The latter are represented by Allianz Global Risks U.S. Insurance Co. (AGRUS, AA/Stable/--). The business lines that are subject to the sale are underwritten by Fireman's Fund Insurance Co. and its subsidiaries, namely American Automobile Insurance Co., Chicago Insurance Co., Interstate Fire&Casualty Co., and National Surety Corp. (all rated 'AA/Stable/--'). AGCS's U.S.

...April 10, 2024 FRANKFURT (S&P Global Ratings) April 10, 2024--Allianz SE's (AZSE, ##/Stable/A-1+) announcement that it has entered into a definitive agreement to transfer Allianz Global Corporate & Specialty SE's (AGCS's) U.S. MidCorp and Entertainment business to Arch Insurance North America, which is part of Arch Capital Group Ltd. (A-/Stable/--), is in line with AGCS's strategy to focus on large corporate and specialty insurance in its North American operations. The latter are represented by Allianz Global Risks U.S. Insurance Co. (AGRUS, ##/Stable/--). The business lines that are subject to the sale are underwritten by Fireman's Fund Insurance Co. and its subsidiaries, namely American Automobile Insurance Co., Chicago Insurance Co., Interstate Fire & Casualty Co., and National Surety Corp. (all rated '##/Stable/--'). AGCS's U.S. MidCorp and Entertainment business had a total gross premium volume of $1.7 billion in 2023. The transaction also includes the transfer of loss reserves of...

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