The Hanover Insurance Group will acquire Windsor, Connecticut-based specialty insurer AIX Holdings Inc., in a move designed to bolster The Hanover’s product and service capabilities for its agents, the company said.
“We are very pleased to add AIX Holdings to The Hanover organization,” Frederick H. Eppinger, CEO of Hanover, said in a statement. “This acquisition is the latest of many investments we have made to deliver on our promise to build the product and service capabilities our agent partners need to profitably grow their businesses and win in their target markets.”
AIX Holdings focuses on underwriting and managing program business, utilizing alternative risk transfer techniques. It has developed general liability, workers’ compensation, property and auto liability programs for a range of well-defined, underserved markets where there are specialty coverage or risk management needs.
The planned acquisition of AIX Holdings follows two other recent acquisitions by The Hanover. In September 2007, The Hanover acquired Professionals Direct Inc., which specializes in professional liability insurance for small- and mid-sized law practices. Earlier this year, the company also purchased Verlan Holdings Inc., which provides insurance for manufacturers and distributors of chemical-related products.
Robert Schultz, president of AIX Holdings, said the transaction will speed the company’s growth plans. “We are thrilled to be joining The Hanover Insurance Group,” Schultz said. “Our affiliation with The Hanover will enable us to leverage its experience, market position
and resources to our advantage, and to offer our program capabilities through our existing distribution partnerships and through Hanover partners, who are recognized as some of the very best independent agents in the business.”
Under terms of the acquisition, The Hanover will acquire all of the stock of AIX, although a monetary value for the deal was not given. The transaction is subject to regulatory reviews and approval, and is expected to close during the fourth quarter of this year.
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