Arch seals major business acquisition from Allianz
Arch seals major business acquisition from Allianz | Insurance Business America
Insurance News
Arch seals major business acquisition from Allianz
Nearly 500 make the switch
Insurance News
By
Paul Lucas
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.
Who will lead Arch MidCorp and Entertainment?
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.
Any thoughts on this major insurance deal? Leave a comment below with your thoughts.
Related Stories
Keep up with the latest news and events
Join our mailing list, it’s free!
