The Hanover Insurance Group Inc. (THG) announced that it has entered into renewal rights agreement with OneBeacon Insurance Group (OB), further strengthening its competitive position and advancing expansion efforts in western states. The agreement is effective for renewals beginning January 1, 2010.
Through the agreement, The Hanover expects to acquire access to as much as $400 million in OneBeacon small and middle market commercial business at renewal, including industry programs and middle market niches. Pursuant to the renewal rights, the company said it would acquire additional scale in its core commercial lines, along with distinctive product and service capabilities.
In small commercial, the company plans to increase its robust product offerings with OneBeacon capabilities, rolling out product enhancements across more than a dozen programs. In the middle market, the company will offer new coverages in several segments, including brewers, cultural institutions, food industries, media, printers, retail, and professional services. The company also plans to make enhancements in several others, including real estate, wholesalers, metal workers and plastics.
The Hanover expects to form new partnerships with about 200 winning independent agents and to write additional business with another 300 independent agents who currently represent both companies in the small and middle markets. The Hanover also expects to hire about 100 OneBeacon employees, ensuring a smooth conversion of the renewal business.
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