The Hartford has completed its acquisition of Maxum Specialty Insurance Group (Maxum) for $168 million in cash. The transaction closed on July 29, 2016."We're excited to complete the acquisition of Maxum which builds upon our commitment to be a deeper and broader risk player," said The Hartford's President Doug Elliot. "Maxum's excess and surplus coverage allows us to provide more solutions for our distribution partners and their customers. We're pleased to welcome the talented employees of Maxum into The Hartford family."
Maxum will maintain its brand and limited wholesale distribution model and will be managed as a separate unit within The Hartford's Small Commercial business.
About Maxum Specialty Insurance Group
Maxum Specialty Insurance Group was founded in 2003 by a highly experienced team of insurance industry experts. Maxum Specialty Insurance Group is comprised of Maxum Indemnity Company and Maxum Casualty Insurance Company. Maxum Indemnity is an authorized non-admitted excess and surplus lines insurer in 49 states; the District of Columbia; and the territories of Puerto Rico and the U.S. Virgin Islands. Maxum Casualty is an approved admitted carrier in 50 states and the District of Columbia. Both companies are domiciled in Delaware. Maxum writes business through a select group of primarily independent wholesale brokers and general agents. In the past few years, Maxum has enjoyed significant growth and expansion into new markets. Today, Maxum is rated A-VIII from A.M. Best and its statutory surplus has grown to more than $114.6 million. For additional information, call 866-387-4500 or visit www.mxmsig.com.
About The Hartford
The Hartford is a leader in property and casualty insurance, group benefits and mutual funds. With more than 200 years of expertise, The Hartford is widely recognized for its service excellence, sustainability practices, trust and integrity. More information on the company and its financial performance is available at https://www.thehartford.com. Follow us on Twitter at www.twitter.com/TheHartford_PR.
The Hartford Financial Services Group Inc. operates through its subsidiaries under the brand name, The Hartford, and is headquartered in Hartford, Conn. For additional details, please read The Hartford's legal notice.