The Hanover Insurance Group, Inc. and Chaucer Announce Acquisition of SLE Holdings
WORCESTER, Mass., July 3, 2017 /PRNewswire/ -- The Hanover Insurance Group, Inc. (NYSE: THG) today announced that Chaucer, the company's international specialty insurance group, has acquired SLE Holdings, a market-leading Lloyd's managing general underwriting agency based in Sydney, Australia. SLE, which currently underwrites business exclusively in Australia, wrote approximately U.S. $25 million of specialty premium in 2016, with a focus on the sports, leisure and entertainment markets.
SLE's expertise and offerings will increase Chaucer's specialty product capabilities and strengthen its competitive position in Australia. SLE will gain access to additional resources to develop its business and capitalize on new growth opportunities.
"This acquisition will enable us to expand our specialty capabilities as part of our long-term growth strategy, Hanover 2021," said Joseph M. Zubretsky, president and chief executive officer at The Hanover. "SLE will provide us with additional underwriting expertise, new product capabilities and greater access to the Australian market."
SLE is a recognized leader for product innovation, broker-friendly technology and customer service.
"We are delighted to welcome the SLE team to Chaucer," said John Fowle, chief executive officer of Chaucer. "This acquisition is an excellent strategic fit. It will enable us to increase our presence in this important market, giving us greater access to high-quality business and bringing us closer to our customers, while expanding the scope for distribution of other Chaucer products in the future."
About The Hanover
The Hanover Insurance Group, Inc. is the holding company for several property and casualty insurance companies, which together constitute one of the largest insurance businesses in the United States. The company provides exceptional insurance solutions in a dynamic world. The Hanover distributes its products through a select group of independent agents and brokers. Together with its agents, The Hanover offers standard and specialized insurance protection for small and mid-sized businesses, as well as for homes, automobiles, and other personal items. Through its international member company, Chaucer, The Hanover also underwrites business at Lloyd's of London in several major insurance and reinsurance classes, including marine, property and energy. For more information, please visit hanover.com.
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SOURCE The Hanover Insurance Group, Inc.