NU Online News Service, Jan.18, 3:48 p.m. EST
The Hanover Insurance Group Inc. announced that it has agreed to acquire the Vienna, Va.-based Campania Group, which specializes in insurance solutions for the health care industry.
The transaction reaffirms The Hanover's commitment to continue to provide industry-leading specialty insurance solutions to its partner agents, and represents a significant step in the company's commitment to offer a range of products for the health care industry, the insurer said.
Campania Group was described by Worcester, Mass.-based The Hanover as a provider of professional and general liability solutions for a range of health care providers, including durable medical equipment suppliers, behavioral health specialists, elder-care providers and podiatrists.
Campania Group has been in the specialty health care insurance market since its founding in 1992 and has companies admitted in 21 states, as well as the District of Columbia, said The Hanover.
The transaction is expected to close before the end of the first quarter.
Frederick H. Eppinger, chief executive officer of The Hanover, said, "We are excited to add the Campania Group to our growing suite of industry and niche solutions. At the same time, the acquisition represents a significant commitment toward broadening our professional lines portfolio."
He added, "Through the continued strategic expansion of our capabilities into the health care segment, we are offering our agent partners even more distinctive products and solutions, helping them to strengthen their competitive position in their markets and to grow their businesses while we grow our own."
Acquisition of Campania follows The Hanover's announcements last month that it has expanded in the west and entered into a renewal rights agreement with OneBeacon Insurance Group, acquiring access to $400 million in small and middle market commercial business at renewal, and expanding The Hanover's segment, niche and industry program business.
These, and other recent investments, reflect "The Hanover's aggressive agenda to offer winning independent agents the products, tools and local resources that they need to thrive. Over the past five years, the company has launched more than 30 products and programs, purchased three other specialty insurance providers, and built industry and niche solutions for nearly a dozen new markets," the company said.
Andrew Robinson, executive leadership team member responsible for The Hanover's health care business, explained the acquisition as "a direct response to our agents' desire to partner with us in serving the health care industry."
With Campania's experience in behavioral health "we are able to further extend the range of solutions we can deliver to the social services industry," he said.
Dennis R. Santoli, Campania president and founder, said, "We are confident that the combination of our experienced underwriters, claims managers and risk managers, coupled with The Hanover's experience, resources and independent agency network will help us to be even more successful over the long term."
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