Professionals Direct, rated “A-“ (Excellent) by Am Best is the Michigan-based holding company for the Professionals Direct organization, a premier provider of professional liability insurance for small and mid-sized law practices. Through its various subsidiaries, the carrier generates annual written premium of approximately $30 million.
The transaction, approved by the boards of directors of both companies, is subject to regulatory reviews and approvals, as well as the approval of Professionals Direct's shareholders. It is expected to close in the fourth quarter.
"We are very pleased to have the opportunity to add Professionals Direct and its specialized capability to our organization," said Frederick H. Eppinger, chief executive officer of The Hanover Insurance Group. "This transaction will enable us to broaden our product and service capabilities and to further strengthen our competitive position, delivering greater value to our agent partners and our shareholders."