The Hartford acquires access to nearly $200 million in commercial
lines premium
Company Website:
http://newsroom.thehartford.com/imagelibrary/default.aspx?NewsAreaId=28
HARTFORD, Conn. -- (Business Wire)
The
Hartford has entered into a renewal rights agreement with the
Farmers Exchanges to acquire its Foremost-branded small commercial
business sold through independent agents.
The Foremost-branded small commercial independent agent book of
business, which is sold through more than 5,000 agents and brokers
nationwide, has approximately $200 million in annual premium as of Dec.
31, 2017. It consists of three primary lines of business underwritten by
Foremost Insurance Group: business owner's policy for property, general
liability and umbrella; commercial auto; and workers' compensation.
“This renewal rights agreement further strengthens The Hartford’s
market-leading position in small business, and also provides an
opportunity to deepen and broaden our distribution network,” said
Stephanie Bush, The Hartford’s head of Small Commercial and Personal
Lines.
“This move provides us the flexibility to increase our focus and invest
additional resources on the small business segment, which we remain very
committed to, through our vast network of Farmers® agents,”
said Sharon Fernandez, head of Business Insurance for Farmers Insurance®.
The terms of the transaction were not disclosed. It will not have a
material impact on The Hartford’s financial results.
About The Hartford
The Hartford is a leader in property and casualty insurance, group
benefits and mutual funds. With more than 200 years of expertise, The
Hartford is widely recognized for its service excellence, sustainability
practices, trust and integrity. More information on the company and its
financial performance is available at https://www.thehartford.com.
Follow us on Twitter at www.twitter.com/TheHartford_PR.
The Hartford Financial Services Group, Inc., (NYSE: HIG) operates
through its subsidiaries under the brand name, The Hartford, and is
headquartered in Hartford, Conn. For additional details, please read The
Hartford’s legal notice.
About Foremost Insurance Company
Foremost® is a proud member of the Farmers Insurance Group of
Companies®, and a single source for property and casualty
insurance. Foremost offers insurance products for condo, tenant and
owner occupied properties, manufactured homes, landlord properties,
vacant properties, seasonal properties, RVs, motorcycles, off-road
vehicles, snowmobiles, boats, personal watercraft, and collectible autos
as well as programs for non-standard and mono line auto. For more
information, visit www.foremost.com.
About Farmers Insurance Exchange® and the Farmers
Exchanges
Farmers Insurance Exchange is a California-domiciled reciprocal insurer
owned by its policyholders. Together with Fire Insurance Exchange®,
Truck Insurance Exchange® and their subsidiaries and
affiliates (collectively, the “Farmers Exchanges”), these companies
comprise the Farmers Insurance Group of Companies. The Farmers Exchanges
serve more than 10 million households with over 19 million individual
policies through the efforts of over 13,000 exclusive agency owners and
more than 13,000 employees. "Farmers®", "Farmers
Insurance®", and “Farmers Insurance Group of Companies®”
are trade names of the Farmers Exchanges. For more information about
Farmers, visit its Web site at www.farmers.com
or at www.Facebook.com/FarmersInsurance.
HIG-F, S
Some of the statements in this release may be considered forward-looking
statements as defined in the Private Securities Litigation Reform Act of
1995. We caution investors that these forward-looking statements are not
guarantees of future performance, and actual results may differ
materially. Investors should consider the important risks and
uncertainties that may cause actual results to differ. These important
risks and uncertainties include those discussed in our 2016 Annual
Report on Form 10-K, subsequent Quarterly Reports on Forms 10-Q, and the
other filings we make with the Securities and Exchange Commission. We
assume no obligation to update this release, which speaks as of the date
issued.
From time to time, The Hartford may use its website to disseminate
material company information. Financial and other important information
regarding The Hartford is routinely accessible through and posted on our
website at https://ir.thehartford.com.
In addition, you may automatically receive email alerts and other
information about The Hartford when you enroll your email address by
visiting the “Email Alerts” section at https://ir.thehartford.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20180219005324/en/
Contacts:
The HartfordMedia Contact:
Thomas Hambrick,
860-810-5850
Thomas.hambrick@thehartford.com
or
The
Hartford Investor Contact:
Sabra Purtill, 860-547-8691
Sabra.purtill@thehartford.com
or
Farmers
Insurance Exchange
Luis Sahagun, 818-965-0043
Luis.sahagun@farmersinsurance.com
Source: The Hartford
© 2024 Canjex Publishing Ltd. All rights reserved.