The Hanover Insurance Group has announced the acquisition of a top Australian managing general agency, according to a news release.
Chaucer, The Hanover’s international specialty insurance group, acquired Sydney-based SLE Holdings, which currently underwrites business exclusively in Australia. Last year, SLE wrote about US$25 million in specialty premium, focusing on the sports, leisure and entertainment markets.
“This acquisition will enable us to expand our specialty capabilities as part of our long-term growth strategy, Hanover 2021,” said Hanover CEO Joseph M. Zubretsky. “SLE will provide us with additional underwriting expertise, new product capabilities and greater access to the Australian market.”
“We are delighted to welcome the SLE team to Chaucer,” said Chaucer CEO John Fowle. “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.”
