Ace pays $365mn for Fireman's Fund personal lines unit

Ace has agreed to acquire Allianz subsidiary Fireman's
Fund's personal lines business in a renewal rights deal worth
$365mn following an auction process, the two companies confirmed
today (18 December).
In November The Insurance Insider
reported that Ace was the frontrunner in the sales process.
The effective final consideration is unclear because the
structure of the deal means that Ace will have to put up new
capital to support the ongoing underwriting.
Banking sources had been talking