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Article: Hanover will sell finance company; Missouri firm to buy AMGRO.(BUSINESS)
- Article from:
- Telegram & Gazette (Worcester, MA)
- Article date:
- March 13, 2008
CopyrightCOPYRIGHT 2008 Worcester Telegram & Gazette. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Bob Kievra
WORCESTER - The Hanover Insurance Group Inc. said yesterday it will sell a 65-employee financing business to a Missouri company that intends to keep the business and most of the staff in Worcester.
Hanover said it will sell AMGRO Inc., a 39-year-old finance company, to Premium Financing Specialists Inc. of Kansas City, Mo. Terms were not disclosed.
AMGRO, which makes short-term loans to insurance agents and their customers to purchase certain types of insurance, was profitable but no longer was a core business for the property and casualty insurer, said Hanover Chief Executive Officer Frederick H. Eppinger.
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