The Hanover Insurance Group Sells First Allmerica Financial Life Insurance Company

The Hanover Insurance Group (Worcester, Mass.) has completed the sale of its remaining run-off life insurance business, First Allmerica Financial Life Insurance Company (FAFLIC), to Commonwealth Annuity and Life Insurance Company (Southborough, Mass.), a Goldman Sachs company

"We are very pleased to complete the divestiture of our run-off life business, concluding a process that began in 2002," says Frederick H. Eppinger, chief executive officer of The Hanover Insurance Group. "This transaction significantly enhances our liquidity position and financial flexibility. It frees capital that previously was tied up in our life business and enables us to use that capital more effectively, further strengthening our property and casualty business and positioning us to improve our overall return on equity."

Peggy Bresnick Kendler has been a writer for 30 years. She has worked as an editor, publicist and school district technology coordinator. During the past decade, Bresnick Kendler has worked for UBM TechWeb on special financialservices technology-centered ... View Full Bio