Chaucer, which is The Hanover Insurance Group's international specialty insurance group, has acquired Sydney-based Lloyd's managing general underwriting agency (MGA), SLE Holdings.
SLE presently underwrites business exclusively in Australia. It wrote about $25m of specialty premium in 2016, with a focus on the sports, leisure and entertainment markets.
The acquisition will enhance Chaucer's specialty product capabilities and will consolidate its position in Australia.
SLE will have access to additional resources to develop its business and capitalise on new growth opportunities.
The Hanover president and CEO Joseph Zubretsky said: "This acquisition will enable us to expand our specialty capabilities as part of our long-term growth strategy, Hanover 2021.
"SLE will provide us with additional underwriting expertise, new product capabilities and greater access to the Australian market."
Chaucer CEO John Fowle said: "This acquisition is an excellent strategic fit. It will enable us to increase our presence in this important market, giving us greater access to high-quality business and bringing us closer to our customers, while expanding the scope for distribution of other Chaucer products in the future."
Via its international member company, Chaucer, The Hanover underwrites business at Lloyd's of London in various major insurance and reinsurance classes, including marine, property and energy.
The Hanover Insurance Group is the holding company for several property and casualty insurance companies,
The group offers insurance solutions to small and medium sized businesses, homes, automobiles, and other personal items.
Last month, the Hanover Insurance Group expanded its business in Pennsylvania to include personal lines insurance. The company has appointed a group of the top independent agents in the Commonwealth to serve its customers.
Image: Chaucer acquires Australian Lloyd's managing general underwriting agency. Photo: courtesy of etaphop photo/FreeDigitalPhotos.net.