Arch Insurance North America it has closed the acquisition of the U.S. MidCorp and Entertainment insurance businesses from Allianz.
Nearly 500 former Allianz MidCorp and Entertainment employees have joined Arch and will provide continuity to clients and brokers as Arch Insurance focuses on growing its middle market offerings.
The new Arch MidCorp and Entertainment businesses will report to Mark Lange in the recently created role of chief middle market executive. Lange previously served as chief strategy officer for Arch Insurance North America.
According to the agreement announced in April, Arch Insurance purchased the Allianz businesses for a cash consideration of $450 million. The transaction also included risk transfer for Allianz, as Arch is assumed about $2 billion of loss reserves associated with the business. The cash payment from Arch, together with an estimated $1 billion of Allianz capital supporting the business, was expected to result in $1.4 billion of total transaction value for Allianz Group.
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