WORCESTER, Mass., March 14 /PRNewswire-FirstCall/ -- The Hanover Insurance
Group, Inc. (NYSE: THG) announced today that it has completed the previously
announced acquisition of Verlan Holdings, Inc. of Silver Spring, Maryland, for
$29 million.
(Logo: http://www.newscom.com/cgi-bin/prnh/20051031/NEM023LOGO )
"We are pleased to add Verlan's specialized product and service
capabilities to our commercial lines portfolio, enhancing our ability to
deliver distinctive value to our agent partners and shareholders," said
Frederick H. Eppinger, chief executive officer of The Hanover Insurance Group.
"This acquisition is consistent with our company's commitment to invest in
our business-our people, products and services-all with the purpose of
providing our agent partners with the tools they need to serve their customers
and grow their businesses, as we compete and win together over the long term,"
Eppinger said.
About The Hanover
The Hanover Insurance Group, Inc. (NYSE: THG), based in Worcester, Mass.,
is the holding company for a group of insurers that includes The Hanover
Insurance Company, also based in Worcester; Citizens Insurance Company of
America, headquartered in Howell, Mich., and their affiliates. The Hanover
offers a wide range of property and casualty products and services to
individuals, families and businesses through an extensive network of
independent agents, and has been meeting its obligations to its agent partners
and their customers for more than 150 years. Taken as a group, The Hanover
ranks among the top 40 property and casualty insurers in the United States.
About Verlan
Verlan Holdings, Inc., headquartered in Silver Spring, Maryland, is the
holding company for Verlan Fire Insurance Company, headquartered in Silver
Spring, Maryland, and Coatings Industry Services, Inc., headquartered in
Owings Mills, Maryland. Verlan Fire Insurance Company is a property insurer
providing coverage to industrial risks which are generally classified as
highly protected risks. Coatings Industry Services, Inc. is a program manager
and wholesale agency offering a wide variety of property and casualty
coverages to the same types of industrial risks served by Verlan Fire
Insurance Company.
Forward-Looking Statements
Certain statements in this release, including statements regarding the
expected benefits of the pending transaction, may be forward-looking
statements as defined in the Private Securities Litigation Reform Act of 1995.
Use of the words "believes," "anticipates," "expects," "projections,"
"outlook," "should," "plan," "guidance" and similar expressions is intended to
identify forward-looking statements. The Company cautions investors that any
such forward-looking statements are not guarantees of future performance, and
actual results could differ materially. Investors are directed to consider the
risks and uncertainties in its business that may affect future performance and
that are discussed in readily available documents, including the Company's
annual report and other documents filed by The Hanover with the Securities and
Exchange Commission and which are also available at http://www.hanover.com
under "Investors."
CONTACT INFORMATION
Investors:
Sujata Mutalik
E-mail: smutalik@hanover.com
1-508-855-3457
Media:
Michael F. Buckley
E-mail: mibuckley@hanover.com
1-508-855-3099
SOURCE The Hanover Insurance Group, Inc.
Contact: Investors: Sujata Mutalik, +1-508-855-3457, smutalik@hanover.com, or Media: Michael F. Buckley, +1-508-855-3099, mibuckley@hanover.com, both of The Hanover Insurance Group, Inc.