The Hanover Insurance Group snatched up a Lloyd’s managing general underwriting agency based in Australia, in a deal that will boost its competitive status there and also expand its overall specialty offerings.

Specifically, The Hanover handled its acquisition of SLE Holdings through Chaucer, its international specialty insurance group. Neither side disclosed financial terms.

The Hanover/Chaucer is gaining two things in its acquisition: a better competitive edge and more specialty offerings. Sidney-based SLE currently underwrites business exclusively in Australia. It wrote $25 million of specialty premium in 2016 with a focus on the sports, leisure and entertainment markets, according to the deal announcement.

Joseph Zubretsky, The Hanover’s president and CEO, said that the deal and its expansion of the insurer’s specialty capabilities continues its Hanover 2021 long-term growth strategy.

Chaucer CEO John Fowler called the deal an “excellent strategic fit.”

“It will enable us to increase our presence in an important market, giving us greater access to high-quality business and bringing us closer to customers, while expanding the scope for distribution of other Chaucer products in the future,” Fowler said in prepared remarks.

SLE also gains too, The Hanover/Chaucer said, particularly more resources that will allow it to develop its business and take advantage of new growth opportunities.

Source: The Hanover Insurance Group