The Hanover buys Australian agency
Grant Welker
The Hanover Insurance Group's Worcester headquarters. The company's international group has bought an Australian underwriting agency.
The Hanover Insurance Group of Worcester said Monday its international specialty insurance group has bought an Australian underwriting agency.
Financial terms were not disclosed.
SLE Holdings, based in Sydney with a focus on sports, leisure and entertainment, currently underwrites business exclusively in Australia, Hanover said. Hanover said SLE's expertise and offerings will increase capabilities for Hanover's international group, Chaucer, and will strengthen Chaucer's competitive position in Australia.
SLE Holdings is "a recognized leader for product innovation, broker-friendly technology and customer service," Hanover said in announcing the deal.
Hanover stock hit a three-month high on Monday, at nearly $90 by late morning.
In May, Hanover reported first-quarter profits having fallen 42 percent, with a net income for the first quarter was $45.2 million, or $1.05 per diluted share, compared to $78.2 million or $1.80 per diluted share in the first quarter of 2016. Total revenues, however, were up nearly 3 percent to $1.3 billion, and net premiums written increased to $1.19 billion, up from $1.14 billion in last year's first quarter.
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