ACE is to acquire the Fireman’s Fund California-based high net worth personal lines insurance business from Allianz for $365 million, in a move creating one of the largest high net worth personal lines insurers in the US.

ACE is to acquire the Fireman’s Fund California-based high net worth personal lines insurance business from Allianz for $365 million, in a move creating one of the largest high net worth personal lines insurers in the US.

The Fireman’s Fund business will be integrated into ACE’s existing high net worth personal lines business, ACE Private Risk Services, which offers coverage including homeowners, automobile, umbrella and excess liability, collectibles and yachts.

In 2013, Fireman’s Fund had $891 million in personal lines gross written premiums and ranked third among insurers serving the US high net worth market.

“High net worth personal lines remains a strategic growth area for ACE...” said Evan Greenberg, chairman and chief executive of ACE. Indeed, ACE Private Risk Services has made a number of hires in recent months - see here and here.

The transaction, which is subject to customary closing conditions, including insurance regulatory approval, is expected to be completed in the second quarter of 2015.