3 July 2017Insurance

The Hanover and Chaucer acquire Australian Lloyd's MGA

The Hanover Insurance Group's international specialty insurer Chaucer has acquired Sydney-based Lloyd's managing general underwriting agency (MGA) SLE Holdings.

According to the statement, the deal will increase Chaucer's specialty product capabilities and strengthen its competitive position in Australia. At the same time, SLE will gain access to additional resources to develop its business and capitalise on new growth opportunities.

"This acquisition will enable us to expand our specialty capabilities as part of our long-term growth strategy, Hanover 2021," said Joseph Zubretsky, president and CEO of The Hanover. "SLE will provide us with additional underwriting expertise, new product capabilities and greater access to the Australian market."

SLE Holdings, which currently underwrites business exclusively in Australia, wrote approximately $25 million of specialty premium in 2016, with a focus on the sports, leisure and entertainment markets.

John Fowle, CEO of Chaucer, commented: “This acquisition is an excellent strategic fit. It will enable us to increase our presence in this important market, giving us greater access to high-quality business and bringing us closer to our customers, while expanding the scope for distribution of other Chaucer products in the future."

Founded in 2009 by Brad French, SLE includes Pacific Underwriting, a specialist commercial/industrial managing general underwriter.

"We look forward to joining the team," French said. "Chaucer has a strong and well-recognised Lloyd’s brand and we are excited about working with the Chaucer team to expand our current business offering. This relationship also provides the strong platform needed to continue our profitable growth in this market."

Managing General Agents Special Report 2017

This special report explores the challenges and opportunities facing MGAs and how they have an opportunity to prosper and thrive in the current environment if they embrace an entrepreneurial spirit and their greater potential innovation and flexibility compared with bigger players.

Use code "Save20" and to save 20% on selected tickets for  for  Intelligent InsurTECH Europe 2017 - Offer ends July 15th

Today’s stories

Lloyd’s appoints Hiscox's Childs as deputy chairman

ArgoGlobal targets expansion in European MGA market

Compre launches Maltese insurance company for London business

Markel hires Tokio Marine and Travelers execs to expand media offering

Reinsurance rates deteriorate in July renewals due to overcapacity

Lloyd’s broker Price Forbes opens Chile office through acquisition

Brit's former head of claims joins Standard Syndicate 1884

US P&C prices drop while motor rates rise

Unipol reorganises insurance operations

Did you enjoy reading this story?  Sign up to our free daily newsletters and get stories like this sent straight to your inbox.

Already registered?

Login to your account

To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.

Two Weeks Free Trial

For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk


More on this story

Insurance
6 October 2017   The Hanover Insurance Group said on Oct. 5 that it estimates third quarter catastrophe losses to be in the range of $185 million to $225 million before taxes and net of reinsurance.
Insurance
11 October 2017   US-based property/casualty insurer The Hanover Insurance Group has appointed John Roche as president and CEO.
Insurance
17 April 2018   US-based property/casualty insurer The Hanover estimates the impact of catastrophe activity to be in the range of $66 million to $76 million before taxes in the first quarter of 2018.