China Re buys Chaucer for US$950m
China Re has purchased specialty Lloyd’s insurer Chaucer from US-headquartered Hanover Insurance coverage for US$950 million, together with US$865 million of money, seven years after Hanover purchased the agency for US$474 million.
Chaucer underwrites specialist traces together with aviation, vitality, marine, property and political dangers; the agency made pre-tax earnings of $7.1m in 2017 from web written premium of $849.1m.
Yuan Linjiang, China Re’s chairman commented: “We’re deeply impressed by Chaucer’s lengthy historical past, excellent administration and company group, sturdy profitability and robust danger administration capabilities.”
“With Chaucer’s established market main place in specialty insurance coverage, we’re satisfied that with this acquisition, our group’s core competitiveness will likely be vastly strengthened.”
“Collectively, we’ll safe better and extra diversified enterprise and the next standing in worldwide markets.”
John Fowle, Chaucer’s CEO and chief underwriting officer, commented: “As ever, we stay dedicated to delivering a first-class underwriting and claims service, which the energy and capabilities of China Re will improve.”
“From day one will probably be very a lot enterprise as common for us; our senior administration group will proceed to steer the enterprise underneath the Chaucer model, by our Lloyd’s Syndicates 1084 and 1176, our worldwide community and underwriting businesses, and CIC DAC, our insurance coverage firm in Dublin.”
For extra perception on the deal see right here.
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