Hanover completes spinoff of U.K. motor business
Hanover Insurance Group has completed the transfer of its United Kingdom motor business to Markerstudy Group, the Worcester-headquartered company announced Tuesday.
The company executed the transaction through a 100 percent reinsurance arrangement for prior claim liabilities and in-force policies and the sale of the entities associated with this business. The total consideration for the transfer of the business is approximately $65 million, according to Hanover.
Hanover said it will provide further information regarding realized gains and other financial implications of the transaction when it releases its second quarter results at the end of July.
Frederick H. Eppinger, Hanover's president and CEO, said in a statement in April that the decision will free Hanover's international member company Chaucer to direct more resources to Lloyd's of London's specialist classes, "building even greater expertise in preferred market segments."
The transfer to the U.K.-based insurance company is effective at the end of the day Tuesday.
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