Hartford-based property and casualty insurer The Hartford said Monday it plans to acquire the Los Angeles, Calif.-based Farmers Exchanges’ Foremost-branded small commercial business.
The insurer said it has entered into a renewal rights agreement for the acquisition, but terms were not disclosed.
The Foremost-branded small commercial independent agent book of business, which is sold through more than 5,000 agents and brokers nationwide, 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.
As of Dec. 31, the Foremost small commercial business had approximately $200 million in annual premiums, The Hartford said.
The deal “provides an opportunity to deepen and broaden our distribution network,” said Stephanie Bush, The Hartford’s head of small commercial and personal lines.
