Worcester, Mass.-based Hanover Insurance Group Inc. said it has completed the previously announced acquisition of the lawyers liability insurer Professionals Direct Inc. for $23.2 million.
Frederick H. Eppinger, chief executive officer of The Hanover Insurance Group, said in a Friday statement that adding the professional liability product capability to the firm's commercial lines helps the firm's independent agent partners meet more of their customer needs and expand their business.
“Lawyers professional liability insurance is a natural complement to the types of business our agents are writing in the small-to-midsized market,” Mr. Eppinger said.
He added that it will enable agents to “write more business with existing customers and to develop new customer relationships, providing the liability coverage by itself or in combination with other coverages.”
Professionals Direct Inc., based in Grand Rapids, Mich., is the holding company for Professionals Direct Insurance Services and Professionals Direct Insurance Company. Professionals Direct provides lawyers professional liability insurance in more in 36 states. Founded in 1987 as Michigan Lawyers Mutual Insurance Company, Professionals Direct reorganized in 2001 as a stock organization and expanded to achieve a national presence in its professional liability niche.
The Hanover Group includes the Hanover Insurance Company, also based in Worcester; Citizens Insurance Company of America, headquartered in Howell, Mich.; and their affiliates. The Hanover offers a range of property and casualty products and services to individuals, families and businesses.
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