Allianz to sell its US MidCorp and Entertainment businesses

Allianz Global Corporate & Specialty SE (AGCS) has decided to sell the U.S. insurance business underwritten by its Fireman's Fund subsidiaries for medium-sized companies and customers in the "MidCorp and Entertainment" sector.

Arch Insurance North America, a member of Arch Capital Group, is the buyer of this business. The transaction is valued at 450 million USD.

Pending regulatory approval, the deal is expected to be finalized in the second half of 2024.

AGCS will now be exclusively dedicated to large U.S. risks.