View this article online: https://www.insurancejournal.com/news/national/2019/02/15/517997.htm
The Hanover Insurance Group, Inc. has a new agreement with the multinational insurer RSA Group to join its global network as a U.S. strategic network partner. This relationship expands The Hanover’s international specialty capabilities for domestic businesses with overseas risks.
Through the company’s partnership with London-based RSA Group, The Hanover gains access to a global network of local insurers in more than 180 countries. This offers The Hanover’s agents admitted products that are compliant with local laws and legislation for foreign operations in countries where coverage must be written by local, licensed insurers.
“This partnership helps simplify the process for our agents, enabling them to offer total account solutions for U.S. businesses with international operations,” said Michael R. Keane, president, core commercial at The Hanover. “By coordinating all elements of clients’ U.S. and foreign insurance programs, businesses can more efficiently and effectively manage possible exposures.”
In addition, the company offers a controlled master program with difference in conditions and difference in limits coverage, which can help reduce gaps in coverage and meet the unique needs of international exposures that local policies often will not cover.
The Hanover’s partnership with RSA Group also includes access to local claims experts in foreign locations who address claims, providing professional claims management and servicing for clients.
This partnership, which expands the international capabilities of The Hanover’s GlobalReach program, will be available beginning March 1, 2019.
Barbara O’Reilly, Global Network director for RSA Group, said he company has similar partner relationships with other insurers.
In December. Hanover sold Chaucer Holdings, a major portion of its Lloyd’s international specialty business, to China Reinsurance Corp. for $940 million in part to reduce its exposure to global catastrophe events.
Source: The Hanover