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FFI Holdings signs 'landmark' deal to run Allianz's entertainment book

Reel Media, acquired by FFI last month, has entered a strategic relationship with Allianz Global Corporate & Specialty (AGCS)
film maker
Allianz is the world's leading entertainment insurer

FFI Holdings Plc (LON:FFI) is to take over the running of German giant Allianz’s entertainment insurance arm, a business that has underwritten thousands of films and television series.

Reel Media, acquired by FFI last month, has entered a strategic relationship with Allianz Global Corporate & Specialty (AGCS) to become the managing general agent for its US-based studio, independent film and television business as well as its US loan-out corporation and touring business. 

Read: FFI Holdings snaps up motorsports events insurer

In Canada, Reel Media will also become AGCS's agent for documentary and educational work.

Steven Ransohoff, FFI Holdings’ chief executive, said: "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."

Read: FFI reels in Reel Media; says US trading affected by scandal involving leading independent film producer

AGCS and its affiliated companies at Allianz have been the recognised leader in film and entertainment risk insurance for over a century, he said and the deal will further broaden FFI’s reach away from its core of film completion contracts.

Marc Idelson, Reel Media’s chief executive, added: "Joining the underwriting teams of both firms will create a top group of experts with broad experience to serve the entertainment industry."

Broker Liberum described the deal with Allianz as a 'landmark' for FFI that would leverage the recently acquired Reel Media platform.

“The deal should add US$7m of EBIT which is already in estimates. We expect US$80-100m of premiums.

“We prudently assume no revenue synergies. There is now scope for better news flow after the disappointing warning in December.”

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