WORCESTER, Mass., Aug. 6 /PRNewswire-FirstCall/ -- The Hanover Insurance
Group, Inc. (NYSE: THG) and AIX Holdings, Inc. today announced that they have
entered into a definitive agreement through which The Hanover will purchase
all of the stock of AIX Holdings.
(Logo: http://www.newscom.com/cgi-bin/prnh/20051031/NEM023LOGO )
The Windsor, Conn.-based AIX Holdings is a specialty property and 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. It is
expected to close during the fourth quarter of this year.
"We are very pleased to add AIX Holdings to The Hanover organization,"
said Frederick H. Eppinger, chief executive officer of The Hanover. "This
acquisition is the latest of many investments we have made to deliver on our
promise to build the product and service capabilities our agent partners need
to profitably grow their businesses and win in their target markets."
"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," Eppinger said. "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 broad 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, said the transaction will
support and accelerate his company's growth plans.
"We are thrilled to be joining The Hanover Insurance Group," said Schultz.
"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."
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 agents 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 AIX Holdings
AIX Holdings, an insurance holding company with executive offices in
Windsor, Conn., was founded in 2005 by five insurance industry veterans, Bob
Schultz, Ron Ganiats, Mark Green, Ron Mairano and Russ Renvyle, in conjunction
with Sterling Capital Partners. AIX Group was formed to fill a need in the
under-served market of specialty program insurance business. This sector
includes traditional first dollar programs, risk retention groups, rent-a-
captive facilities, group and association captives and hybrid collateral
structures. The company had gross written premiums of $85 million in 2007, and
has an "A-" (Excellent) rating with A.M. Best Company. AIX Holdings employs
approximately 150 people in four locations.
Contact Information
Investors: Media:
Sujata MutalikMichael F. Buckley
E-mail: smutalik@hanover.com E-mail: mibuckley@hanover.com
1-508-855-3457 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.