Fireman’s Fund faces uncertainty amid restructuring by German parent Allianz
By Richard Halstead, The Marin Independent Journal, Novato, Calif. | |
McClatchy-Tribune Information Services |
Fireman's Fund, which was purchased by
On Wednesday, Fireman's Fund issued a press release announcing that its commercial property and casualty business will be "integrated into
Earlier this month,
Fireman's Fund's statement Wednesday made no mention of a pending sale, but it said, "With the repositioning of the commercial P&C insurance in the U.S., various options are being considered to also build scale for the personal lines business of Fireman's Fund."
The release said that Fireman's Fund's personal lines business focuses on high net worth customers, represents approximately one third of its business by gross premiums and "enjoys healthy profitability."
"We are considering all strategic options to bring scale to our personal lines business," Hahn said, declining to say what other options might be on the table.
Wednesday's statement noted that the latest restructuring follows the transfer of Fireman's Fund's marine business to
Hahn had no comment regarding the effect the transfer of Fireman's Fund's commercial business to Allianz Global Corporate would have on local employees -- whether some may be transferred or laid off.
"It's so early that we're just beginning those assessments," Hahn said. "No decisions have been made. We've not determined any impacts to either the employee population or the campus."
"On the surface," Eyler said, "it sounds like they may be reducing their local footprint or moving part of the footprint."
But Eyler said sale of the personal lines businesses might not be a negative development for Marin if local companies were to acquire the business.
In the restructuring announcement, Fireman's Fund CEO
Torrance, who replaced
Reuters reported on Wednesday that Fireman's Fund has been a "headache" for
Fireman's Fund's premium volume has dived from
Founded in 1863 in
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