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29 March 2018Insurance

The Hanover mulls Chaucer sale as it explores strategic alternatives

The Hanover Insurance Group is "exploring strategic alternatives" for its international specialty business, including a sale of its Lloyd's insurance unit Chaucer.

In a brief statement, the company said that it is "undertaking a review of strategic alternatives, including a possible sale for London-based Chaucer."

Investment bank Goldman Sachs & Co. has been retained to serve as its adviser through the process, The Hanover said.

Worcester, Massachusetts-based The Hanover acquired Chaucer in 2011 for an aggregate transaction value of approximately £313 million ($510 million).

Chaucer underwrites business in all the major insurance classes, including global marine, energy, non-marine and aviation, as well as UK motor and nuclear, through its Lloyd's syndicates 1084 and 1176.

Chaucer also has international hub offices in Europe, Latin America and Asia, and recently established a Dublin-based subsidiary. in Dec. 2017, Chaucer also gained authorisation to set up an operation in the Dubai International Financial Centre (DIFC).

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More on this story

16 May 2018   US-based property/casualty insurer The Hanover's longtime chairman Michael Angelini has retired from the board after more than 30 years with the group.
1 June 2018   US-based property/casualty insurer Hanover Insurance Group has appointed Frank Baron as president of alternative markets, a newly formed business unit within the company's domestic specialty group.
13 September 2018   China Re, China’s biggest reinsurer, will acquire speciality insurer Chaucer from its parent The Hanover Insurance Group for $950 million in a deal that gives the buyer a solid foothold in both the speciality markets and in Lloyd’s.