Leading insurer closes its acquisition of specialty insurance group

The latest acquisition of the major insurance allows the company to provide even more solutions to its clients, in the form of excess and surplus coverage options

Insurance News

By Lyle Adriano

On Monday, insurance company The Hartford announced that it had completed its acquisition of Maxum Specialty Insurance Group for $168 million.

The transaction closed Friday, July 29.

“We’re excited to complete the acquisition of Maxum which builds upon our commitment to be a deeper and broader risk player,” said Doug Eliot, president of The Hartford. “Maxum’s excess and surplus coverage allows us to provide more solutions for our distribution partners and their customers. We’re pleased to welcome the talented employees of Maxum into The Hartford family.”

Maxum Specialty Insurance Group, founded 2003, is comprised of Maxum Indemnity Company and Maxum Casualty Insurance Company. Both companies are based in Delaware. The former company is an authorized non-admitted excess and surplus lines insurer in 49 states, as well as in the District of Columbia and the territories of Puerto Rico and the U.S. Virgin Islands. The latter is an approved admitted carrier in 50 states and the District of Columbia. The insurance group is rated A-VIII by A.M. Best, and its statutory surplus has increased to over $114.6 million.

Following the acquisition, Maxum will retain its brand and limited wholesale distribution model; it will also be managed as a separate unit within The Hartford’s Small Commercial business.

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