Chaucer has announced that The Hanover Insurance Group, Inc. has entered into a definitive agreement to sell Chaucer to China Reinsurance (Group) Corporation (China Re), subject to the successful completion of all legal and regulatory requirements.
Chaucer’s Senior Management Team will continue to lead the business under the Chaucer brand through their Lloyd’s Syndicates 1084 and 1176, international network, and underwriting agencies, and Chaucer Insurance Company DAC, their insurance company in Dublin.
China Re Group (01508.HK) is one of the world's top 10 reinsurance companies and has always maintained a leading position in China’s reinsurance market. The company's four main businesses are P&C reinsurance, life and health reinsurance, primary P&C insurance and asset management. It has three international business platforms, namely Beijing International Business Department, Lloyd's China Re Syndicate 2088 platform and China Re Singapore Branch. China Re Group has outstanding comprehensive strength and is highly rated by A.M. Best and S&P Global Rating.
John Fowle, Chief Executive Officer, Chaucer commented:
“We are very honoured to have China Re as our new partner. We have been extremely impressed by the experience, commitment, and professionalism of China Re since our first meetings and we are excited about the future together.
At Chaucer, we are fully committed to delivering a first class underwriting and claims service to our brokers, coverholders and clients, and believe that the support of China Re will enable us to build on our success to date, and accelerate our strategy which has profitable growth at its core.”
Yuan Linjiang, Chairman, China Re commented:
“We are deeply impressed by Chaucer’s long history, outstanding management and corporate team, robust profitability and strong risk management capabilities. With Chaucer’s established market leading position in specialty insurance, we are convinced that with this acquisition, our Group’s core competitiveness will be greatly strengthened. Together, we will secure greater and more diversified business and a higher status in international markets.”