Arch Insurance North America, a division of Arch Capital Group, has finalised the acquisition of certain Allianz assets in the US in a deal valued at $1.4bn.
The deal, first announced in April 2024, included Allianz’s US MidCorp and Entertainment insurance businesses, along with specific specialty insurance programmes from Allianz Global Corporate & Specialty (AGCS).
The acquired assets, originally underwritten through Allianz’s Fireman’s Fund subsidiaries, reported a collective gross written premium in 2023 of $1.7bn.
Nearly 500 former Allianz MidCorp and Entertainment employees have transitioned to Arch, ensuring service continuity for clients and brokers.
The integration of the new Arch MidCorp and Entertainment businesses will be overseen by Mark Lange, who assumes the newly established position of chief middle market executive.
Lange’s previous role was chief strategy officer for Arch Insurance North America.
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Arch Insurance North America CEO Matt Shulman said: “We are thrilled to welcome these talented individuals to Arch and look forward to earning the trust of their existing clients and distribution partners.
“Under Mark’s leadership, we will continue to drive growth, deliver exceptional value to customers, create opportunities for our new colleagues and Pursue Better Together as a united team.”
Lange said: “I am looking forward to working with this talented and experienced team to help build out Arch’s middle-market platform. One of our guiding principles throughout this transaction has been to emphasize continuity and to maintain a customer-centric mindset, and I know we are all ready to hit the ground running.”
In a separate development, Coalition has launched its Active Cyber Insurance in Germany, partnering with Allianz as the capacity provider.
Coalition Insurance Solutions, a unit of Coalition, will offer the product to German businesses to detect, mitigate and respond to cyber threats.
Beyond financial loss mitigation, the solution is designed to provide access to cybersecurity tools to enhance risk understanding, bolster defences and prevent future incidents.
Coalition’s Active Cyber Insurance caters to German businesses with up to €1bn ($1.08bn) in revenue on a primary basis, without a minimum premium requirement.
Allianz’s ongoing partnership with Coalition extends to providing capacity for Coalition’s cyber insurance programmes in the US, UK and Australia.
