Willkie client ACE Limited enters agreement to acquire the Fireman’s Fund high net worth personal lines insurance business from Allianz.
On December 18, Willkie client ACE Limited entered into an agreement to acquire the Fireman’s Fund high net worth personal lines insurance business from Allianz for $365 million. The acquisition 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. The transaction, which is subject to customary closing conditions, including insurance regulatory approval, is expected to be completed in the second quarter of 2015. The acquisition expands ACE’s position as one of the largest high net worth personal lines insurers in the United States.
The matter was handled by a multidisciplinary Willkie team, including partner Alex Dye, special counsel Liz Bannigan and associates Matt Stern and Neil Ruben, as well as partners Michael Katz and Eugene Chang.