Allianz Commercial has struck a deal with Reel Media that will see the managing general agent manage its entertainment underwriting business. Reel Media is a wholly owned subsidiary of Paragon Insurance Holdings. Cover will continue to be written on AA rated paper from Allianz Global Corporate & Specialty SE.

Allianz said its 12-strong entertainment underwriting team would transfer from Allianz Commercial to Reel Media as the deal is finalised and implemented.

Vanessa Maxwell, chief underwriting officer at Allianz Commercial, said: “Entertainment is an attractive and profitable specialty line of business which we would like to expand. This agreement builds on our longstanding relationship with Reel Media while also maintaining our existing entertainment MGA partnerships, establishing a very strong combined international market presence.”

Marc Idelson, chief executive officer at Reel Media, added: “We’re proud to partner with Allianz Commercial and to welcome their entertainment underwriting team into our business. Combining Allianz’s international portfolio with our specialty expertise puts us in a strong position to deliver consistent, responsive service and tailored solutions to clients and brokers around the world.”