Allianz SE named a new chief executive officer for its Fireman’s Fund unit as Europe’s largest insurer prepares for a possible sale of the business and narrows its focus in the U.S.

Art Moossmann, a board member of Allianz’s global corporate and specialty unit, takes over as Fireman’s Fund CEO on Jan. 1, the Munich-based insurer said in a statement. He replaces Andrew Torrance, who will step down, Allianz said.

Fireman’s Fund in being combined with Allianz’s North American corporate & specialty unit. Allianz has been focusing its U.S. insurance operations on business clients. The insurer announced in September that it was considering “strategic options” for Fireman’s Fund.

“The U.S. commercial P&C market has great potential for Allianz, which we can best support as one company,” Chris Fischer Hirs, who becomes CEO of Allianz Global Corporate & Specialty on Jan. 1, said in the statement.

Allianz declined 2.4 percent to 134.50 euros Friday in Frankfurt and has gained 3.2 percent this year.

Topics Allianz