A major deal has reached the finish line between two giants of the North American insurance industry.

Arch Insurance North America has closed a deal to buy Allianz’s U.S. MidCorp and Entertainment insurance business — a move that was originally announced in April. At the time, it was described as a $450 million cash deal for select specialty businesses — but now the deal has been finalized, and more details have been shared.

Among them is that nearly 500 former Allianz MidCorp and Entertainment employees will move to Arch in a move the latter described as maintaining continuity for both brokers and clients.

Who will lead Arch MidCorp and Entertainment?

The companies will report to Mark Lange, CEO of Midmarkets, who recently took on the newly created role. He previously served as the company’s chief strategy officer.

“I look forward to working with this talented and experienced team to help build Arch’s mid-market platform. One of our guiding principles throughout this transaction has been to emphasize continuity and maintain a customer-centric mindset, and I know we are all ready to hit the ground running,” he said.

Meanwhile, Arch Insurance North America CEO Matt Schulman said he was “very pleased” to have such a broad talent pool on board, and said the company’s goal now would be to earn the trust of distribution partners and customers.

“Under Mark’s leadership, we will continue to drive growth, deliver exceptional value to customers, create opportunities for our new colleagues and strive to do better together as one team,” he added.

Striving for the best together is one of the key points of the insurance company as explained in a recent interview on the back of its five-star claims honour.

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