The Hanover Insurance Group Inc. announced that Chaucer, the company’s international specialty insurance group, has acquired SLE Holdings, a market-leading Lloyd’s managing general underwriting agency based in Sydney, Australia.
SLE, which currently underwrites business exclusively in Australia, wrote approximately U.S. $25 million of specialty premium in 2016, with a focus on the sports, leisure and entertainment markets.
SLE’s expertise and offerings will increase Chaucer’s specialty product capabilities and strengthen its competitive position in Australia, said The Hanover and Chaucer in a statement.
“This acquisition will enable us to expand our specialty capabilities as part of our long-term growth strategy, Hanover 2021,” said Joseph M. Zubretsky, president and chief executive officer at The Hanover, which is headquartered in Worcester, Mass.
“SLE will provide us with additional underwriting expertise, new product capabilities and greater access to the Australian market,” he added.
“We are delighted to welcome the SLE team to Chaucer,” said John Fowle, chief executive officer of Chaucer. “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.”
Source: The Hanover Insurance Group, Chaucer