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Ace buying Fireman's Fund high-net-worth business for $365 million

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Ace buying Fireman's Fund high-net-worth business for $365 million

Ace Ltd. on Thursday announced it has signed an agreement to acquire the Fireman's Fund Insurance Co.'s U.S. high-net-worth personal lines insurance business from Munich-based Allianz S.E. for $365 million.

The acquisition is expected to close in the second quarter of 2015, subject to regulatory approval, Ace said in a statement.

The deal includes the renewal rights for new and existing business, reinsurance of all existing reserves and access to a network of approximately 1,100 agents and brokers, Ace said. In 2013, Fireman's Fund had $891 million in personal lines gross written premiums, according to the statement.

The Novato, California-based Fireman's Fund personal lines business will be integrated into Ace's existing high-net-worth personal lines business, Ace Private Risk Services, which provides homeowners, automobile, umbrella and excess liability, collectibles and yachts coverages.

Ace will keep the majority of Fireman’s Fund employees and has no plans to close offices, a spokeswoman for Ace said in an email.

“High-net-worth personal lines remains a strategic growth area for Ace, and Ace Private Risk Services has quickly established itself in this space,” Evan Greenberg, chairman and CEO of Ace, said in the statement. “The addition of the personal lines business of Fireman's Fund will reinforce and advance Ace's position as a premier provider of insurance to the high-net-worth market.”

The move follows the integration of Fireman's Fund's commercial property/casualty insurance business into Allianz unit Allianz Global Corporate & Specialty S.E., which was announced in September.

In a separate statement released Thursday, Allianz incoming board member Axel Theis said the company will use the proceeds from the transaction to finance the restructuring of the Fireman's Fund commercial property/casualty business.

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