The Hartford Financial Services Group has agreed to acquire Northern Homelands Company, the holding company of Maxum Specialty Insurance Group, for $170m.
Maxum, which will be included in the Hartford’s small commercial business, will continue to provide products and services under the same brand.
It will continue to carry our operations from the current headquarters in Alpharetta, Georgia.
Subject to regulatory approvals and other customary closing conditions, the deal is expected to complete in the third quarter of this year.
The Hartford president Doug Elliot said: "Today’s acquisition supports The Hartford’s strategy to profitably grow our business by investing in the product, underwriting and distribution capabilities that are making us a broader and deeper risk player.
Established in 2003, Maxum Specialty Insurance Group includes two business units Maxum Indemnity Company and Maxum Casualty Insurance Company.
Maxum Indemnity is an authorized non-admitted excess and surplus lines insurer in 49 states and the District of Columbia, as well as the territories of Puerto Rico and the US Virgin Islands.
Maxum Casualty is an approved admitted carrier in 50 states and the District of Columbia. Both firms are resided in Delaware.
Maxum CEO Marshall Turner said: "We believe that as part of The Hartford we will have a stronger value proposition and greater opportunities to expand our products and market position."
The Hartford provides property and casualty insurance, group benefits and mutual funds services to its customers.
Image: Maxum Specialty Insurance Group includes two business units Maxum Indemnity Company and Maxum Casualty Insurance Company. Photo: courtesy of Stuart Miles / FreeDigitalPhotos.net.