Arch Insurance North America has acquired Allianz's MidCorp and Entertainment insurance businesses for a total value of US$1.4 billion.
According to the firms, nearly 500 former Allianz’s MidCorp and Entertainment employees have joined Arch and will provide continuity to clients and brokers as Arch Insurance focuses on growing its middle market offerings.
The businesses were underwritten by Fireman’s Fund Insurance Company and its subsidiaries, namely American Automobile Insurance Company, Chicago Insurance Company, Interstate Fire & Casualty Company, and National Surety Corporation, and collectively totaled US$1.7 billion of gross premiums written in 2023.
Mark Lange, who is currently chief strategy officer for Arch Insurance North America, will take over the role of chief middle market executive to oversee the new businesses.
Matt Shulman, CEO of Arch Insurance North America, states: “We are thrilled to welcome these talented individuals to Arch and look forward to earning the trust of their existing clients and distribution partners.”
Lange adds: “I’m 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 emphasise continuity and to maintain a customer-centric mindset, and I know we’re all ready to hit the ground running.”
