Worcester, Mass.-based The Hanover Insurance Group, Inc. said it will divest its non-insurance, premium finance subsidiary, AMGRO, Inc. and its subsidiaries, to Premium Financing Specialists, Inc. of Kansas City, Missouri.
The transaction is expected to close in June, subject to regulatory reviews and approvals, as well as the satisfaction of certain closing conditions. Terms were not disclosed.
Premium Financing Specialists is an independent premium finance provider. The company originates more premium finance loan accounts and works with independent agencies.
“This transaction will enable us to focus more of our resources and capabilities on the continued growth of our core business, helping us achieve our vision to be the best regional property and casualty insurance company for winning independent agents,” said Frederick H. Eppinger, chief executive officer of The Hanover Insurance Group.
At year-end 2007, AMGRO represented approximately $6 million of The Hanover’s $2.3 billion in shareholders’ equity.
Source: The Hanover Insurance Group, Inc.
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