The Hanover Insurance Group has signed a definitive agreement through which it will acquire Verlan Holdings.
Verlan Holdings provides insurance to manufacturers and distributors of chemical-related products. Its primary business, Verlan Fire Insurance Company, offers property coverage to small and medium-sized companies that manufacture, store, transport and use chemicals such as paints and solvents.
The transaction is subject to regulatory reviews and approvals, as well as the approval of the shareholders of Verlan Holdings. It is expected to close before the end of the first quarter.
Frederick Eppinger, CEO of The Hanover Insurance Group, said: We are very pleased to add Verlan to our organization and to offer its specialized capabilities to our valued agent partners, delivering on our commitment to help them meet a wide range of their customers’ needs. Broadening our specialized product and service capabilities to include Verlan’s unique offering for industrial and chemical-related risks will provide our agent partners with even more tools to grow their businesses, while improving our own competitive position and delivering greater value to our shareholders.