Worcester, Mass. — The Hanover Insurance Group Inc. and AIX Holdings Inc. entered into a definitive agreement through which The Hanover will purchase AIX Holdings.
The Windsor, Conn.-based AIX Holdings is a specialty property/casualty insurance carrier that focuses on underwriting and managing program business, utilizing alternative risk transfer techniques. AIX Holdings has developed general liability, workers' compensation, property and auto liability programs for a range of well-defined, under-served markets where there are specialty coverage or risk management needs.
The transaction is subject to regulatory reviews and approvals, and is expected to close during the fourth quarter of this year.
"Increasingly, many of our agent partners are seeking carriers that can deliver program solutions and the ability to utilize alternative risk transfer techniques in specialized markets," says Frederick Eppinger, CEO of The Hanover. "With that in mind, we approached AIX Holdings, one of the very best carriers serving this market. AIX Holdings is an innovative, well managed and disciplined underwriter, with state-of-the-art operations and technology for the specialty programs market, as well as one of the most highly experienced and respected management teams in this area of focus."
The planned acquisition of AIX Holdings follows two other acquisitions The Hanover has made in recent months to build out its product and service capabilities for its agent partners. In September 2007, The Hanover acquired Professionals Direct Inc., adding a distinctive offering of professional liability insurance for small and mid-sized law practices to its suite of commercial and specialty products. Earlier this year, the company purchased Verlan Holdings Inc., which provides insurance for manufacturers and distributors of chemical-related products.
Robert Schultz, president of AIX Holdings, says the transaction will support and accelerate his company's growth plans. "We are thrilled to be joining The Hanover Insurance Group," Schultz says. "Our affiliation with The Hanover will enable us to leverage its experience, market position and resources to our advantage, and to offer our program capabilities through our existing distribution partnerships and through Hanover partners, who are recognized as some of the very best independent agents in the business."
Source: The Hanover Insurance Group Inc.
