Arch Insurance North America has received regulatory approval to acquire Allianz’s US MidCorp and Entertainment insurance businesses, along with select specialty insurance programs, for a cash payment of $450 million. The transaction is set to close on August 1, 2024, and Arch will assume approximately $2 billion in loss reserves linked to this business, marking a total transaction value estimated at $1.8 billion. This acquisition includes business underwritten by Fireman’s Fund Insurance Company, which reported $1.7 billion in gross premiums in 2023. Arch Insurance is part of Arch Capital Group Ltd.
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