More than three months after ACE Group said it would snatch up Fireman’s Fund’s U.S. high-net-worth personal lines business from Allianz for $365 million, the deal is finally closed.

ACE isn’t wasting any time in trying to advance this business line in other ways. Separately, it is rolling out a high-net-worth personal insurance business in Canada.

Both moves reflect ACE’s push to become a more significant purveyor of high-net-worth personal lines products.

Plans call for integrating the Fireman’s Fund business into ACE Private Risk Services, ACE’s existing high-net-worth personal lines division. By adding the Fireman’s Fund business to its stable, ACE gains 120,000 premier personal customers and more than 500 employees focused on claims, underwriting, actuarial, operations and sales and marketing for the sector. As well, ACE inherits relationships with 1,500 brokers and agents.

“We believe we have created the finest high-net-worth personal lines insurer, with superior service standards, talented professionals and increasing global reach,” Juan Andrade, executive vice president of ACE Group and chief operating officer of ACE Overseas General, said in prepared remarks.

At the same time, ACE said its ACE Private Risk Services Division will expand into Canada, starting in Ontario. Plans call for promoting a portfolio approach to coverage, with packages of policies that can include home, valuable collections, watercraft, umbrella liability and auto insurance – through an alliance with CAA Insurance.

Canada is a big growth market for high-net-worth personal lines coverage, ACE said.

“We see a tremendous opportunity in Canada, where the high-net-worth personal insurance market exceeds $1 billion in premium,” James Hasley, senior vice president, Canada Country Manager for ACE Private Risk Services, said in a statement. “Many financially successful individuals and families remain with standard insurance companies that may lack the specialized coverages they actually need.”

Source: ACE Ltd.