The Hartford To Acquire Maxum Specialty Insurance Group
March 16 2016 - 4:15PM
Business Wire
Acquisition adds excess and surplus lines capability to The
Hartford’s Small Commercial business
The Hartford has entered into a definitive agreement to purchase
Northern Homelands Company, the holding company of Maxum Specialty
Insurance Group, for $170 million in cash.
“Today’s acquisition supports The Hartford’s strategy to
profitably grow our business by investing in the product,
underwriting and distribution capabilities that are making us a
broader and deeper risk player,” said The Hartford’s President Doug
Elliot. “The addition of Maxum, a well-respected excess and surplus
lines company, accelerates our efforts to build upon our
market-leading position in Small Commercial by expanding our
product offerings and capabilities.”
Maxum will maintain its brand and limited wholesale distribution
model and will be managed as a separate unit within The Hartford’s
Small Commercial business. All Maxum employees will be offered
continued employment at close and Maxum will remain headquartered
in Alpharetta, Georgia.
“We are pleased to join an iconic company with a proven ability
to adapt and redefine itself to remain relevant to customers and
distribution partners,” said Maxum CEO Marshall Turner. “We believe
that as part of The Hartford we will have a stronger value
proposition and greater opportunities to expand our products and
market position. I would like to thank our customers and colleagues
for the hard work and dedication that has allowed us to create a
quality excess and surplus lines platform that is poised for
continued success.”
The transaction, which will not have a material impact on The
Hartford’s financial results, is expected to close in the third
quarter of 2016, subject to obtaining regulatory approvals and
other customary closing conditions.
More detail about the transaction can be found on The Hartford’s
investor relations website.
About Maxum Specialty Insurance Group
Maxum Specialty Insurance Group was founded in 2003 by a highly
experienced team of insurance industry experts. Maxum Specialty
Insurance Group (Group) is comprised of Maxum Indemnity Company and
Maxum Casualty Insurance Company. Maxum Indemnity is an authorized
non-admitted excess and surplus lines insurer in 49 states; the
District of Columbia; and the territories of Puerto Rico and the
U.S. Virgin Islands. Maxum Casualty is an approved admitted carrier
in 50 states and the District of Columbia. Both companies are
domiciled in Delaware. Maxum writes business through a select group
of primarily independent wholesale brokers and general agents. In
the past few years, the Group has enjoyed significant growth and
expansion into new markets. Today, the Group is rated A-VIII from
A.M. Best and its statutory surplus has grown to more than $114.6
million. For additional information, call 866-387-4500 or visit
www.mxmsig.com.
About The Hartford
With more than 200 years of expertise, The Hartford (NYSE: HIG)
is a leader in property and casualty insurance, group benefits and
mutual funds. The company is widely recognized for its service
excellence, sustainability practices, trust and integrity. More
information on the company and its financial performance is
available at www.thehartford.com. Join us on Facebook at
www.facebook.com/TheHartford. Follow us on Twitter at
www.twitter.com/TheHartford_PR.
HIG-C
Some of the statements in this release may be considered
forward-looking statements as defined in the Private Securities
Litigation Reform Act of 1995. We caution investors that these
forward-looking statements are not guarantees of future
performance, and actual results may differ materially. Investors
should consider the important risks and uncertainties that may
cause actual results to differ. These important risks and
uncertainties include those discussed in our 2015 Annual Report on
Form 10-K, subsequent Quarterly Reports on Forms 10-Q, and the
other filings we make with the Securities and Exchange Commission.
We assume no obligation to update this release, which speaks as of
the date issued.
From time to time, The Hartford may use its website to
disseminate material company information. Financial and other
important information regarding The Hartford is routinely
accessible through and posted on our website at
http://ir.thehartford.com. In addition, you may automatically
receive email alerts and other information about The Hartford when
you enroll your email address by visiting the “Email Alerts”
section at http://ir.thehartford.com.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160316006423/en/
The HartfordMedia Contact:Michelle Loxton,
860-547-7413Michelle.loxton@thehartford.comorInvestor
Contact:Sabra Purtill,
860-547-8691sabra.purtill@thehartford.com
Hartford Financial Servi... (NYSE:HIG)
Historical Stock Chart
From Aug 2024 to Sep 2024
Hartford Financial Servi... (NYSE:HIG)
Historical Stock Chart
From Sep 2023 to Sep 2024