ACE Limited has purchased the high-net-worth personal lines insurance business of the Fireman’s Fund for $365 million, ACE announced Wednesday.
Plans for the acquisition were announced in December. The Fireman’s Fund unit is being integrated into ACE’s high-net-worth personal lines unit, which operates as ACE Private Risk Services.
The firm offers high-net-worth individuals and families coverage, including homeowners, automobile, umbrella and excess liability, collectibles and yachts. The purchase increases ACE Private Risk Services by 120,000 customers, adds 500 employees to the firm and includes relationships 1,500 brokers and agents, according to the company.
ACE operates in 54 countries, providing commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance.
“All of us at ACE, including our new colleagues who join us today from Fireman’s Fund, are excited to complete this acquisition and focus our combined experience, capabilities and relationships on helping high-net-worth individuals and families protect their assets and enhance their security,” says Juan Andrade, executive vice president, ACE Group, and chief operating officer of ACE Overseas General.