Mich. firm being bought by Hanover Insurance
June 25, 2007 07:52 PM
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The holding company Hanover Insurance Group Inc., of Worcester, has agreed to buy Professionals Direct Inc. for $23.2 million.
Professionals Direct, of Grand Rapids, Mich., provides liability insurance for small and mid-size law firms. Hanover said it generates annual written premiums of about $30 million.
Hanover shares rose 22 cents to $44.57 in after-hours electronic trading. During regular trading, the shares fell 6 cents to $47.35.
(AP)
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