Firemen still appreciate Fireman's Fund Insurance. The property/casualty insurer sells commercial insurance for small and midsized businesses. Its commercial products include ordinary specialty insurance such as professional liability insurance, as well as truly niche coverage such as vineyard and winery protection from crop damage and shipping mishaps. Founded in 1863, the company is named for a now-defunct arrangement that saw 10% of its profits supporting widows and orphans of firefighters. These days the Fireman's Fund Heritage Program provides grants for equipment and training to fire departments. Fireman's Fund is a subsidiary of German insurer Allianz.
Among the company's many lines of business, some are decidedly more glamorous than others. Fireman's Fund is the top insurer of Hollywood movie productions, for instance, covering everything from set property damage to the risks of a film star getting ill. It also offers specialized coverage for golf courses, country clubs, ranches, and historic properties.
Sales and Marketing
Fireman's Fund sells its products primarily through independent agents. Its agribusiness products are distributed exclusively through Rural Community Insurance Services, a managing general agent. Brokers and general agents also distribute some of its other specialty insurance products.
To expand its entertainment coverage business across the border into Canada, Fireman's Fund partnered with Canadian sister company Allianz Global Corporate & Specialty in 2012. Together the partners will provide policies for movies, television, special events, and other entertainment venues. Fireman's Fund also strengthened its US entertainment operations that year. In 2015, as part of a restructuring of Allianz's North American operations, Fireman's Fund sold its personal lines insurance business in the US, which catered to high-net-worth customers, to ACE Limited in a deal valued at $365 million.
The company operates with a conservative investment strategy, with the goal of achieving long-term financial growth and stability.