Hanover Expands Western Surety Business With ICW Group Agreement

Worcester, Mass.-based The Hanover Insurance Group Inc. has closed on an agreement with ICW Group that is designed to enhance The Hanover’s surety capabilities in the West, including Arizona, California, Colorado, Oregon, Texas and Washington.

The Hanover has hired 20 specialized ICW Group surety underwriters and field support staff, enabling the company to build its market presence and field capability in its western expansion states, while helping its agent partners grow their businesses. At the same time, The Hanover expects it will gain access to a quality book of surety business delivered through approximately 100 independent agents. Initially, The Hanover expects to write as much as $15 million of ICW Group contract surety business.

“We will be very strategic and selective about where we pursue new agency appointments and deeper partnerships. Our goal is to offer our agent partners real franchise value, so they can deliver the full complement of our distinctive products and services in their local markets,” said Frederick H. Eppinger, CEO of The Hanover Insurance Group.

ICW Group is a privately held super regional property/casualty insurance organization whose underwriting operations target workers’ compensation, non-standard private passenger auto, and earthquake insurance. The agreement aligns with ICW Group’s strategy to more singularly focus its people, technology and resources on its core businesses. The transaction represents an opportunity for ICW to streamline its operations and transition its surety line to a larger surety carrier.

“This investment is the latest of many we have made during the past several months to build out our commercial lines capability in the West,” said Mary Jeanne Anderson, president, Hanover Surety.