WORCESTER, Mass., June 30, 2015 /PRNewswire/ — The Hanover Insurance Group, Inc. (NYSE: THG) announced that it has completed the transfer of its United Kingdom motor business to Markerstudy Group, a UK-based insurance provider, effective at the end of the day today.

The total consideration for this transaction is approximately $65 million(1). The transaction is executed through a 100 percent reinsurance arrangement for prior claim liabilities and in-force policies and the sale of the entities associated with this business. The company will provide further information regarding realized gains and other financial implications of the transaction when it releases its second quarter results at the end of July.

(1) 41.4 million British pound sterling converted to USD at June 29, 2015 exchange rate of 1.57.

About The Hanover
The Hanover Insurance Group, Inc., based in Worcester, Mass., is the holding company for several property and casualty insurance companies, which together constitute one of the largest insurance businesses in the United States. For more than 160 years, The Hanover has provided a wide range of property and casualty products and services to businesses, individuals, and families. The Hanover distributes its products through a select group of independent agents and brokers. Together with its agents, the company offers specialized coverages for small and mid-sized businesses, as well as insurance protection for homes, automobiles, and other personal items. Through its international member company, Chaucer, The Hanover also underwrites business at Lloyd’s of London in several major insurance and reinsurance classes, including marine, property and energy. For more information, please visit hanover.com.

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SOURCE The Hanover Insurance Group, Inc.