Fireman's Fund Insurance Company was an

insurance Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to hedge ...

company based in

Petaluma, California Petaluma (Miwok languages, Miwok: ''Péta Lúuma'') is a city in Sonoma County, California, Sonoma County, California, located in the North Bay (San Francisco Bay Area), North Bay region of the San Francisco Bay Area. Its population was 59,776 a ...

which provided personal and commercial property and casualty insurance products in the

United States The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 states, a federal district, five major unincorporated territorie ...

. The company was a principal U.S. subsidiary of

Allianz Allianz ( , ) is a German multinational financial services company headquartered in Munich, Germany. Its core businesses are insurance and asset management. The company is one of the world's largest insurers and financial services groups. The ...

, a global financial services company, the 20th largest corporation in the world based on the revenue (

Fortune Global 500 The ''Fortune'' Global 500, also known as Global 500, is an annual ranking of the top 500 corporations worldwide as measured by revenue. The list is compiled and published annually by ''Fortune'' magazine. Methodology Until 1989, it listed onl ...

, August 2010). Allianz employs nearly 155,000 people worldwide. Fireman's Fund offered a ranging portfolio of coverage, including personal auto, homeowners, excess, and collections insurance for high-net-worth clients. Commercial insurance products included entertainment, business office policies, workers compensation, general, professional, and excess liability, auto, and farm and ranch coverage etc..

History

Fireman's Fund Insurance Company was founded in 1863 in

San Francisco San Francisco (; Spanish language, Spanish for "Francis of Assisi, Saint Francis"), officially the City and County of San Francisco, is the commercial, financial, and cultural center of Northern California. The city proper is the List of Ca ...

. Its name reflects its founding mission in which 10 percent of profits were paid to the widows and orphans of fallen firefighters. In recent years, the company had continued a similar social mission through its Heritage Program, in which it provided millions of dollars each year in grants for equipment, training, and educational programs to local fire departments across the

. Since its inception, Fireman's Fund had insured some of America's notable landmarks and inventions, including the

Golden Gate Bridge The Golden Gate Bridge is a suspension bridge spanning the Golden Gate, the strait connecting San Francisco Bay and the Pacific Ocean. The structure links the U.S. city of San Francisco, California—the northern tip of the San Francisco Pen ...

and the

Spirit of St. Louis The ''Spirit of St. Louis'' (formally the Ryan NYP, registration: N-X-211) is the custom-built, single-engine, single-seat, high-wing monoplane that was flown by Charles Lindbergh on May 20–21, 1927, on the first solo nonstop transatlant ...

. Fireman's Fund was the largest insurer and underwriter in the

Hollywood Hollywood usually refers to: * Hollywood, Los Angeles, a neighborhood in California * Hollywood, a metonym for the cinema of the United States Hollywood may also refer to: Places United States * Hollywood District (disambiguation) * Hollywood, ...

film industry, insuring motion picture productions since the

silent film A silent film is a film with no synchronized recorded sound (or more generally, no audible dialogue). Though silent films convey narrative and emotion visually, various plot elements (such as a setting or era) or key lines of dialogue may, when ...

era. The company also underwrote reality television shows, concerts, and special events. Its largest film insurance payout was a $15 million claim after star

John Candy John Franklin Candy (October 31, 1950 – March 4, 1994) was a Canadian actor and comedian known mainly for his work in Hollywood films. Candy rose to fame in the 1970s as a member of the Toronto branch of the Second City and its '' SCTV'' ser ...

died during production of the 1994 film ''

Wagons East A wagon or waggon is a heavy four-wheeled vehicle pulled by draught animals or on occasion by humans, used for transporting goods, commodities, agricultural materials, supplies and sometimes people. Wagons are immediately distinguished from ...

''. In September 2014 it was announced in the German press that Allianz Global Corporate & Specialty (AGCS), Allianz Group's specialty corporate insurer, would fully integrate Fireman's Fund's commercial property/casualty insurance business beginning on January 1, 2015. In a move following the announcement of the integration,

ACE An ace is a playing card, die or domino with a single pip. In the standard French deck, an ace has a single suit symbol (a heart, diamond, spade, or club) located in the middle of the card, sometimes large and decorated, especially in the c ...

agreed to acquire Fireman's Fund Insurance Co.’s personal lines business for a total of $365 million. The deal closed in the second quarter of 2015.

Timeline

1863 — Ship captain William Holdredge founded Fireman's Fund Insurance Company in San Francisco. Its first policy was one-half interest in 1,000 kegs of Boston syrup. The

premium Premium may refer to: Marketing * Premium (marketing), a promotional item that can be received for a small fee when redeeming proofs of purchase that come with or on retail products * Premium segment, high-price brands or services in marketing, ...

was $12 cash in advance. 1871 — The company paid all of its claims from the

Great Chicago Fire The Great Chicago Fire was a conflagration that burned in the American city of Chicago during October 8–10, 1871. The fire killed approximately 300 people, destroyed roughly of the city including over 17,000 structures, and left more than 10 ...

– about a half million dollars' worth – within 60 days, nearly wiping out all of the company's capital. 1905 — The company had roughly 6,000 independent agents. 1906 — Fireman's Fund was the first company to provide nationwide

auto insurance Vehicle insurance (also known as car insurance, motor insurance, or auto insurance) is insurance for automobile, cars, trucks, motorcycles, and other road vehicles. Its primary use is to provide financial protection against physical damage or bod ...

. 1906 —

San Francisco earthquake At 05:12 Pacific Standard Time on Wednesday, April 18, 1906, the coast of Northern California was struck by a major earthquake with an estimated moment magnitude of 7.9 and a maximum Mercalli intensity of XI (''Extreme''). High-intensity sha ...

destroyed Fireman's Fund's headquarters and all records, but it was able to pay all policyholder claims with a combination of cash and stock. Claims were taken “on their word” as all insurance documents were destroyed. 1920s — Insured the first movies with sound. Since then, the company has insured movies ranging from ''

Top Gun ''Top Gun'' is a 1986 American action drama film directed by Tony Scott, produced by Don Simpson and Jerry Bruckheimer, with distribution by Paramount Pictures. The screenplay was written by Jim Cash and Jack Epps Jr., and was inspired by an a ...

'' to ''The Lord of the Rings ''trilogy and is currently the largest insurer of Hollywood films. 1927 — Insured Charles Lindbergh's Spirit of St. Louis. 1936 — The company grew to 1,500 employees and about 10,000 independent agents. 1953 — Moved its headquarters to a modern facility in San Francisco's Laurel Heights neighborhood. 1957 — Premium income topped $300 million. 1968 —

American Express American Express Company (Amex) is an American multinational corporation specialized in payment card services headquartered at 200 Vesey Street in the Battery Park City neighborhood of Lower Manhattan in New York City. The company was found ...

acquired Fireman's Fund. Early 1980s — Outgrew its space in San Francisco and moved the headquarters north to Novato, California 1984 — Insured the ABC telecast of the 1984 Olympics. 1985 — Fireman's Fund was sold off by American Express and became an independent company. 1991 —

Allianz AG Allianz ( , ) is a German multinational financial services company headquartered in Munich, Germany. Its core businesses are insurance and asset management. The company is one of the world's largest insurers and financial services groups. The ...

acquired Fireman's Fund. 2001 — All of the company's 109 New York employees located in the south tower of the World Trade Center survived the terrorist attack. 2004 — Fireman's Fund launched the Heritage Program, a recommitment of its founding philanthropic mission to support the fire service. Grants are given to local fire departments to help purchase new equipment, tools and training. 2006 — Created the first green insurance products in the United States. 2014 — Announced that Allianz Global Corporate & Specialty would fully integrate the commercial Property/Casualty business of Fireman's Fund beginning in January 2015. 2015 — ACE Limited, a Swiss insurance company, agrees to purchase Fireman's Fund personal lines business for $365 million. 2016 — ACE combined with and adopted the Chubb name in January 2016 after the acquisition was completed. 2019 — Fireman's Fund moves out of its Novato complex, leaving for a smaller complex in Petaluma. The building lies abandoned, but proposals have been made to turn the complex into housing. 2020 — Fireman’s Fund Insurance Company was sued by Lionsgate for $1.62 million following the death of a cast member and a fire that destroyed a Hungarian studio during the shooting of its 2018 film "Robin Hood".

Business model

Fireman's Fund worked with independent agents and brokers and was composed of two (2) primary business units: commercial insurance (includes agribusiness) and personal insurance. Commercial Insurance offered businesses and organizations risk management by providing admitted and non-admitted solutions, customized products for a variety of industries and program business for small to mid-sized affinity programs. Personal insurance for high-net-worth and affluent customers included home, auto, valuables, excess liability, art, wine, and jewelry collections, yacht, and watercraft. Fireman's Fund provided Farm and Ranch insurance for American farmers since 1876 – owner occupied family farms and larger scale agricultural operations for ranchers, farmers, and dairy owners. Fireman's Fund was the first insurer in the United States to offer green insurance coverage for both personal and commercial lines, starting in 2006.

U.S.-based sister organizations

Allianz Global Investors Allianz Global Investors (commonly called AllianzGI or AGI), is a global investment management firm with offices in over 20 locations worldwide. It is owned by the global financial services group Allianz. Employing nearly 3,000, it manages over ...

Pacific Investment Management Company PIMCO (Pacific Investment Management Company, LLC) is an American investment management firm focusing on active fixed income management worldwide. PIMCO manages investments in many asset classes such as fixed income, equities, commodities, as ...

* Allianz Life Insurance Company of North America * Allianz Global Assistance

References

* "Fortune Global 500 List - 2009". CNN.
A.M. Best rating
– www.ambest.com/ratings
Standard and Poor’s rating
– www.standardandpoors.com/ratings/en/us/
Moody’s rating
– www.moodys.com

History

Timeline

Business model

U.S.-based sister organizations

See also

References

External links