The Hanover Insurance Group has entered into a definitive agreement to sell its non-insurance, premium finance subsidiary, AMGRO and its subsidiaries, to Premium Financing Specialists.
The transaction is expected to close in June 2008, subject to regulatory reviews and approvals, as well as the satisfaction of certain closing conditions. The two companies said that the transaction represents a win for both organizations. Terms of the agreement were not disclosed.
Frederick Eppinger, CEO of The Hanover Insurance Group, said: This transaction will enable us to focus more of our resources and capabilities on the continued growth of our core business, helping us achieve our vision to be the best regional property and casualty insurance company for winning independent agents.