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The Hanover Insurance Group Inc. on Thursday said it has partnered with RSA Insurance Group PLC in an agreement that expands its international reach and allows it to offer a wider range of insurance to U.S. businesses with overseas risks.
The partnership with RSA Group will give Worcester, Massachusetts-based Hanover access to a global network of local insurers in more than 180 countries, the company said in a statement.
For policies beginning March 1, The Hanover’s agents will be able to offer admitted insurance that complies with local laws and legislation for foreign operations in countries where coverage must be written by local, licensed insurers, said the company.
The partnership includes access to local claims experts overseas who can provide professional claims management and services for businesses, said the statement.
The Hanover already offers insurance with difference in conditions and difference in limits coverage, which can help reduce coverage gaps and meet the needs of international exposures that local policies often will not cover.
“By coordinating all elements of clients’ U.S. and foreign insurance programs, businesses can more efficiently and effectively manage possible exposures,” said Michael R. Keane, president, core commercial at The Hanover.
Hanover Insurance Group Inc. on Wednesday said it is reviewing strategic alternatives, including possibly selling London-based Chaucer Holdings P.L.C., its international specialty insurance business.