HARTFORD, Conn.--(BUSINESS WIRE)--The Hartford has entered into a renewal rights agreement with the Farmers Exchanges to acquire its Foremost-branded small commercial business sold through independent agents.
The Foremost-branded small commercial independent agent book of business, which is sold through more than 5,000 agents and brokers nationwide, has approximately $200 million in annual premium as of Dec. 31, 2017. It consists of three primary lines of business underwritten by Foremost Insurance Group: business owner's policy for property, general liability and umbrella; commercial auto; and workers' compensation.
“This renewal rights agreement further strengthens The Hartford’s market-leading position in small business, and also provides an opportunity to deepen and broaden our distribution network,” said Stephanie Bush, The Hartford’s head of Small Commercial and Personal Lines.
“This move provides us the flexibility to increase our focus and invest additional resources on the small business segment, which we remain very committed to, through our vast network of Farmers® agents,” said Sharon Fernandez, head of Business Insurance for Farmers Insurance®.
The terms of the transaction were not disclosed. It will not have a material impact on The Hartford’s financial results.
About The Hartford
The Hartford is a leader in property and casualty insurance, group benefits and mutual funds. With more than 200 years of expertise, The Hartford is widely recognized for its service excellence, sustainability practices, trust and integrity. More information on the company and its financial performance is available at https://www.thehartford.com. Follow us on Twitter at www.twitter.com/TheHartford_PR.
The Hartford Financial Services Group, Inc., (NYSE: HIG) operates through its subsidiaries under the brand name, The Hartford, and is headquartered in Hartford, Conn. For additional details, please read The Hartford’s legal notice.
About Foremost Insurance Company
Foremost® is a proud member of the Farmers Insurance Group of Companies®, and a single source for property and casualty insurance. Foremost offers insurance products for condo, tenant and owner occupied properties, manufactured homes, landlord properties, vacant properties, seasonal properties, RVs, motorcycles, off-road vehicles, snowmobiles, boats, personal watercraft, and collectible autos as well as programs for non-standard and mono line auto. For more information, visit www.foremost.com.
About Farmers Insurance Exchange® and the Farmers Exchanges
Farmers Insurance Exchange is a California-domiciled reciprocal insurer owned by its policyholders. Together with Fire Insurance Exchange®, Truck Insurance Exchange® and their subsidiaries and affiliates (collectively, the “Farmers Exchanges”), these companies comprise the Farmers Insurance Group of Companies. The Farmers Exchanges serve more than 10 million households with over 19 million individual policies through the efforts of over 13,000 exclusive agency owners and more than 13,000 employees. "Farmers®", "Farmers Insurance®", and “Farmers Insurance Group of Companies®” are trade names of the Farmers Exchanges. For more information about Farmers, visit its Web site at www.farmers.com or at www.Facebook.com/FarmersInsurance.
Some of the statements in this release may be considered forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. We caution investors that these forward-looking statements are not guarantees of future performance, and actual results may differ materially. Investors should consider the important risks and uncertainties that may cause actual results to differ. These important risks and uncertainties include those discussed in our 2016 Annual Report on Form 10-K, subsequent Quarterly Reports on Forms 10-Q, and the other filings we make with the Securities and Exchange Commission. We assume no obligation to update this release, which speaks as of the date issued.
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