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Hartford Financial Services Group Inc. on Monday said it has acquired Maxum Specialty Insurance Group for $168 million in cash.
Alpharetta, Georgia-based Maxum comprises Maxum Indemnity Co. and Maxum Casualty Insurance Co., Hartford said in a statement. Maxum Indemnity is an authorized nonadmitted excess and surplus lines insurer, while Maxum Casualty is an approved admitted carrier in 50 states, Hartford said in the statement.
Maxum will maintain its brand and limited wholesale distribution model and will be managed as a separate unit within Hartford's small commercial business segment, according to the statement.
“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,” Hartford President Doug Elliot said in the statement.
Hartford Financial Services Group Inc. saw net income for the second quarter of 2016 fall 48% from the prior-year period, to $216 million, due partly to lower property/casualty underwriting results and lower net investment income.