Hanover Insurance Group
is transferring the renewal rights for a block of personal policies to Proformance Insurance, a division of
National Atlantic Holdings
Under the agreement, Hanover will transfer the renewal rights for about 16,000 policies in its sponsored markets and other previously discontinued businesses. The policies being transferred are part of a segment of Hanover"s New Jersey personal-lines business that was discontinued.
The transaction will enable the company to focus its resources on expanding its primary personal and commercial lines of business in New Jersey, Hanover said.
"It enables us to focus more of our resources in New Jersey on the growth of our core business, including homeowners, personal and commercial auto and insurance for small and mid-sized businesses, and advances our transition out of other discontinued business segments," the company said.
Shares of Hanover were down 96 cents, or 2%, to $46.05. National Atlantic was adding 4 cents at $11.84.
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