A major deal has crossed the finishing line between two giants of the North American insurance industry.
Arch Insurance North America has sealed a deal for the US MidCorp and Entertainment insurance business of Allianz – a move that was originally announced back in April. At that point it was described as a $450 million cash deal for select specialty businesses – but now the deal has been finalized, further details have been shared.
Among them is that close to 500 of the former Allianz MidCorp and Entertainment staff will make the switch to Arch in a move the latter described as maintaining continuity for both brokers and clients.
The businesses will report to chief middle market executive Mark Lange, who took the newly created role recently. He was previously chief strategy officer at the firm.
“I’m looking forward to working with this talented and experienced team to help build out Arch’s middle-market platform,” he said. “One of our guiding principles throughout this transaction has been to emphasize continuity and to maintain a customer-centric mindset, and I know we’re all ready to hit the ground running.”
Meanwhile, CEO or Arch Insurance North America Matt Shulman stated he was “thrilled” to bring in such an extensive array of talent and said the goal of the firm would now be to earn the trust of both distribution partners and clients.
“Under Mark’s leadership, we will continue to drive growth, deliver exceptional value to customers, create opportunities for our new colleagues and Pursue Better Together as a united team,” he said.
Pursue Better Together is one of the insurer’s focal points as explained in a recent interview on the back of it earning a five-star claims honor.
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