Allianz to Sell Some US Insurance Businesses for $450 Million
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Allianz SE agreed to sell some US insurance businesses to Arch Insurance North America for $450 million as the company refocuses its operations in the country.
The German firm’s AGCS unit will divest its business with US mid-size companies and the entertainment industry, according to a statement Friday. The total transaction value is $1.4 billion as Allianz also expects the deal to free up capital over time. AGCS will now focus its US operations on large corporates and specialty insurance.