18 Jan 2018 07:00
Press Release
FFI HOLDINGS PLC SUBSIDIARY REEL MEDIA LLC ANNOUNCES STRATEGIC UNDERWRITING RELATIONSHIP WITH ALLIANZ GLOBAL CORPORATE SPECIALTY
London, 18 January 2018 - FFI Holdings PLC (AIM: FFI, "the company"), the world leader in the provision of completion contracts to the entertainment industry for films, television, mini-series and streaming product, announced today that its wholly-owned subsidiary Reel Media, LLC (Reel Media), a leading entertainment insurance agency and specialty brokerage, has entered into a strategic underwriting relationship with Allianz Global Corporate & Specialty (AGCS), Allianz Group's dedicated carrier for corporate and specialty insurance business and the leading provider of insurance to the entertainment industry for more than a century.
Under this new alliance, Reel Media LLC will become Managing General Agency (MGA) with delegated underwriting authority for the US-based AGCS studio, independent film and television business, as well as its US loan-out corporation and touring business. In Canada, Reel Media will become AGCS's MGA for studio, independent film and television, in addition to the Documentary, Industrial, Commercial & Educational (DICE) business. As a result, the respective underwriting staffs and expertise of AGCS and Reel Media will be united into a single, collective group in North America.
Steven Ransohoff, CEO of FFI Holdings, 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."
Lauren Bailey, Global Head of Entertainment AGCS said, "We are pleased to be strengthening our relationship with FFI through Reel Media. 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."
AGCS and its affiliated companies at Allianz have been the recognised leader in film and entertainment risk insurance for over a century and have insured thousands of films for the industry's top studios and television broadcasters. Marc Idelson the CEO of Reel Media notes: "Joining the underwriting teams of both firms will create a top group of experts with broad experience to serve the entertainment industry."
Tony Mitchell, COO of FFI Holdings, said: "The furtherance of our long standing 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. FFI and Reel Media will continue to evaluate additional opportunities in the coming months."
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About FFI Holdings PLC
FFI Holdings PLC (AIM: FFI) is the holding company of Film Finances Inc. ("FFI"), the world's leading provider of completion contracts to the entertainment industry, which offer assurance to the financiers of film, TV, mini-series and online media content that productions will be completed on time and on budget. These contracts serve to offload risks to production budgets and timelines for financiers, as well as for FFI through long-standing insurance relationships.
Since its founding in the 1950s, FFI has issued contracts on approximately 7,000 productions. These include many of the film industry's best known-titles, ranging from the first Bond movie (Dr. No, 1962) to The Hunger Games (2012) and Oscar winning films such as 12 Years a Slave (2013) and La-La Land (2016).
FFI is also a fast-growing global provider of post-production equipment and services for the entertainment industry. FFI entered this business in February 2017 through the acquisition of Pivotal Post and consolidated its position in this market further through the purchase of EPS-Cineworks Digital Studios in November 2017 and Reel Media in December 2017.
Over successive decades FFI has grown globally to become a trusted, iconic brand at the centre of the film industry. Headquartered in Los Angeles, USA, it has 11 offices globally, including in London, Stockholm, Toronto, New York, Cape Town, Cologne and Shanghai.
About Allianz Global Corporate & Specialty
Allianz Global Corporate & Specialty (AGCS) is the Allianz Group's dedicated carrier for corporate and specialty insurance business. AGCS provides insurance and risk consultancy across the whole spectrum of specialty, alternative risk transfer and corporate business: Marine, Aviation (incl. Space), Energy, Engineering, Entertainment, Financial Lines (incl. D&O), Liability, Mid-Corporate and Property insurance (incl. International Insurance Programs).
Worldwide, AGCS operates in 32 countries with owned units and in over 210 countries and territories through the Allianz Group network and partners. In 2016, it employed around 5,000 people and provided insurance solutions to more than three quarters of the 'Fortune Global 500' companies, writing a total of €7.6 billion gross premium worldwide.
AGCS SE is rated AA by Standard & Poor's and A+ by A.M. Best.For more information please visit www.agcs.allianz.com or follow us on Twitter @AGCS_Insurance, LinkedIn and Google+.
ENQUIRIES:
Hawthorn Advisors (Public Relations) FFI Holdings PLC
Andrew Orchard David Sasso, SVP- Head of Investor Relations
Victoria Ainsworth +1 954 907 8987
+44 (0) 20 3745 4960
Liberum (Nominated Adviser and Corporate Broker)
Steve Pearce
Joshua Hughes
+44 (0) 3100 2000
Allianz/AGCS
Sabrina Glavan
+1 646-472-1510
sabrina.glavan@agcs.allianz.com