The Hartford seals Foremost renewal rights deal
US-based property/casualty insurer 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 sold through more than 5,000 agents and brokers has approximately $200 million in annual premium as of Dec. 31, 2017, according to a Feb. 19 press release. 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.
Sharon Fernandez, head of business insurance for Farmers Insurance, commented: “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.”
The terms of the transaction were not disclosed. The Hartford said that the deal will not have a material impact on its financial results.
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