The deal includes the acquisition of Allianz’s midcorp and entertainment insurance businesses. Credit: MDart10/Shutterstock.

Arch Insurance North America, part of Arch Capital Group, has received regulatory approval for its $1.4bn acquisition of the US assets of Allianz. 

Announced in April 2024, the deal includes the acquisition of the midcorp and entertainment insurance businesses, including certain specialty insurance programmes from Allianz Global Corporate & Specialty (AGCS). 

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This acquisition is due to complete on 1 August 2024, contingent on the fulfilment of standard closing conditions. 

The businesses in question are currently under Fireman’s Fund Insurance Company and its subsidiaries, with a collective gross premium written in 2023 amounting to $1.7bn.  

Upon completion of the deal, approximately 500 employees, encompassing underwriting, claims and other professional staff, will become part of Arch Insurance. 

Arch Insurance, known for its property, casualty and specialty insurance products, reported $5.8bn in gross premium written in North America for 2023.  

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Announcing the deal, Arch Insurance North America CEO Matt Shulman said: “The acquisition of the MidCorp business meaningfully expands our presence in the US middle market, a targeted growth area for Arch.  

“This transaction will enhance our distribution relationships, broaden our product suite and expand our ability to participate in these underwriting-intensive middle-market lines.  

“We are also excited to add a market-leading entertainment business that complements Arch Insurance’s existing portfolio of specialty products.” 

Meanwhile, in May 2024, Arch Insurance International launched a parametric event insurance solution.  

This product aims to provide claims payments for event cancellations or postponements, addressing the needs of various regional events in the UK and Europe, such as conferences, exhibitions, and music and sports events.  

The offering includes both traditional indemnity coverage and a parametric option, allowing for claims settlement up to a predetermined limit.