Tower Group has acquired the renewal rights to the middle market commercial package and commercial auto business of Navigators.
Terms of the deal were not disclosed.
The portfolio of policies sold by New York-based Navigators involves gross written premiums of approximately $33 million. Tower Group said it expects the deal to contribute $25 million in gross premiums written on an annualized basis.
The transaction does not include Navigators’ global or life sciences products, which are also underwritten within its NAV PAC division.
“Due to the current market conditions, our middle market commercial package business found it challenging to achieve scale without sacrificing underwriting quality,” said Stan Galanski, president and CEO of The Navigators Group. “We felt that this book of business is better associated with a company that has far greater existing presence in this segment.”
Tower Group CEO Michael H. Lee said the acquisition will “allow us to continue to expand our middle market commercial product offering into certain niche classes of business.”
The underwriting personnel hired from Navigators will join Tower Group’s recently formed customized solutions business unit.
Topics Mergers & Acquisitions Commercial Lines Business Insurance
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