Hanover To Buy Conn. Firm

The Hanover Insurance Group of Worcester plans to acquire Windsor, Conn.-based specialty insurer AIX Holdings Inc.

Under an agreement that must still be approved by government and market regulators, Hanover will purchase all AIX Holdings stock for an undisclosed amount.

AIX is a specialty property and casualty insurance carrier that focuses on alternative risk transfer techniques, Hanover said. Alternative risk transfer programs can offer high-deductible plans, self insurance plans and plans that allow companies to earn investment income on the money used to fund future losses.

Hanover said the deal is expected to close during the fourth quarter.