The Hartford Completes Maxum Specialty Insurance Group Acquisition
August 01 2016 - 8:00AM
Business Wire
Acquisition adds excess and surplus lines capability to The
Hartford’s Small Commercial business
The Hartford has completed its acquisition of Maxum Specialty
Insurance Group (Maxum) for $168 million in cash. The transaction
closed on July 29, 2016.
“We’re excited to complete the acquisition of Maxum which builds
upon our commitment to be a deeper and broader risk player,” said
The Hartford’s President Doug Elliot. “Maxum’s excess and surplus
coverage allows us to provide more solutions for our distribution
partners and their customers. We’re pleased to welcome the talented
employees of Maxum into The Hartford family.”
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.
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 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, Maxum has enjoyed significant growth and
expansion into new markets. Today, Maxum 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
The Hartford is a leader in property and casualty insurance,
group benefits and mutual funds. With more than 200 years of
expertise, The Hartford is widely recognized for its service
excellence, sustainability practices, trust and integrity. More
information on the company and its financial performance is
available at https://www.thehartford.com. Follow us on Twitter
at www.twitter.com/TheHartford_PR.
The Hartford Financial Services Group Inc., (NYSE: HIG) operates
through its subsidiaries under the brand name, The Hartford, and is
headquartered in Hartford, Conn. For additional details, please
read The Hartford’s legal notice.
HIG-F
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.
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version on businesswire.com: http://www.businesswire.com/news/home/20160801005172/en/
The HartfordMedia Contact:Heather Serignese,
860-547-3301Heather.Serignese@TheHartford.comorInvestor
Contact:Sabra Purtill,
860-547-8691Sabra.Purtill@TheHartford.com
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