FFI Holdings Plc’s recently acquired subsidiary entertainment insurance agency Reel Media LLC is making great strides for the completion contracts provider, sealing another major deal in just a matter of days.
Barely a week since announcing that it has snapped up a motorsports entertainment insurance book from All Risks, Ltd., FFI has now lifted the lid on a strategic underwriting partnership with Allianz Global Corporate & Specialty (AGCS). Here’s what will happen as part of the new tie-up:
- Reel Media will serve as Managing General Agency (MGA) with delegated underwriting authority for the AGCS studio, independent film, and television business in the US, as well as the US-based loan-out corporation and touring business.
- In Canada, the FFI subsidiary will become AGCS’s MGA for studio, independent film, and television, in addition to the documentary, industrial, commercial, and educational (DICE) business.
- AGCS and Reel Media’s respective underwriting workforce and expertise will be united into a single, collective group in North America.
“FFI is delighted to extend its relationship with AGCS which dates back to 2013, when the company bought the completion contract business of Allianz and for which AGCS continues to provide insurance to FFI and its counterparties,” noted FFI Holdings chief executive Steven Ransohoff.
AGCS, Allianz Group’s dedicated carrier for corporate and specialty insurance business, has been providing insurance to the global entertainment industry since the 1890s.
“This new model will combine unparalleled capacity and heightened responsiveness to handle the most complex and urgent business needs of our US and Canadian clients and brokers,” commented Lauren Bailey, global head of entertainment at AGCS.
Reel Media chief executive Marc Idelson said merging both firms’ underwriting teams will create a top group of experts with broad experience to serve the entertainment industry.
“The furtherance of our longstanding relationship with Allianz, coupled with the multiple acquisitions in post-production services, demonstrates our continued success in expanding the range of services beyond completion contracts,” added FFI Holdings chief operating officer Tony Mitchell. “FFI and Reel Media will continue to evaluate additional opportunities in the coming months.”
FFI Holdings is the holding company of Film Finances Inc., which provides completion contracts to the entertainment industry to offer assurance to financiers of film, TV, mini-series, and online media content that productions will be completed on time and on budget. It is now also a supplier of post-production equipment and services.