It's well understood in the business world that there are two basic ways to grow: buy or build. Given the flurry of merger and acquisition activity in 2015, many insurance companies seemed to think that buying was the way to go. It's too early to tell whether M&As will be a trend for 2016 as well, but one company has joined the group of buyers.
Connecticut-based Hartford Financial Services Group Inc. announced today that it has chosen to grow by acquisition and has agreed to purchase Northern Homelands Co., the holding company of Alpharetta, Ga.-based Maxum Specialty Insurance Group, for $170 million in cash.
“Today's acquisition supports The Hartford's strategy to profitably grow our business by investing in the product, underwriting and distribution capabilities that are making us a broader and deeper risk player,” said Doug Elliot, Hartford's president. “The addition of Maxum, a well-respected excess and surplus lines company, accelerates our efforts to build upon our market-leading position in Small Commercial by expanding our product offerings and capabilities.”
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Rosalie Donlon
Rosalie Donlon is the editor in chief of ALM's insurance and tax publications, including NU Property & Casualty magazine and NU PropertyCasualty360.com. You can contact her at [email protected].
