The Hartford announced a deal to acquire California-based Farmers Exchanges’ small commercial business sold through independent agents.
Hartford said it entered a renewal rights agreement to acquire Foremost Insurance Co. The small commercial independent agent book of business sold through more than 5,000 agents and brokers throughout the country had about $200 million in annual premium as of Dec. 31, 2017, according to a statement the Hartford released Monday.
The policies cover three primary lines including workers’ compensation, commercial auto and business policies for property and general liability.
Terms of the deal were not disclosed, but the Hartford said it would “not have a material impact” on its financial results.
Farmers Insurance Exchange is a California-domiciled reciprocal insurer owned by its policyholders. It is part of the Farmers Insurance Group of Companies along with Foremost.
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