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Auto Insurance Information and News » Hanover sells UK auto insurance division

Hanover sells UK auto insurance division

Hanover sells UK auto insurance division
News from Worcester Telegram:

WORCESTER — The Hanover Insurance Group, Inc. has announced that it will transfer its United Kingdom automotive insurance business to Markerstudy Group, a UK-based insurance provider.

The transaction, subject to regulatory approvals as well as satisfaction of certain closing conditions, is expected to close in the third quarter. The total consideration for the transaction is approximately $ 60 million.

Chaucer’s UK automotive insurance business primarily focuses on traditional personal auto insurance, as well as specialist motor classes, including motorcycles, classic and specialist vehicles, and commercial auto. In 2014, this business generated net premiums written of $ 297.7 million and net premiums earned of $ 305.9 million.

Hanover purchased Chaucer Holdings in 2011 for $ 474 million, and the automotive insurance was acquired as part of the deal.

Markerstudy Group is a privately held group of insurance companies and insurance service providers with a main focus on personal insurance. It includes Gibraltar-based Markerstudy Holdings Limited, Markerstudy Insurance Company Limited and Zenith Insurance, UK supporting companies Markerstudy Limited, and Zenith Insurance Management UK Limited.

Based in Worcester, The Hanover Insurance Group, Inc., is the holding company for several property and casualty insurance companies, which together cons…………… continues on Worcester Telegram

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