China Re completes Chaucer deal
Regulatory approval followed sale price of $950m being confirmed last September.
China Reinsurance announced the completion of its takeover of Chaucer Holdings from The Hanover Insurance Group on 31 December 2018.
The deal, for $950m (£726m), was previously revealed in September last year after news of Chaucer being for sale first came out in March.
The latest step saw the 100% equity acquisition of Hanover Insurance International Holdings, go through.
However the buyout of Chaucer Insurance Company (Chaucer Dublin) and Hanover Australia remains subject to local regulatory approval and is expected to close by the end of the first quarter in 2019.
Milestone
China Re described the move for London-headquartered Chaucer – a top quartile player in the Lloyd’s market – as a “milestone” in the expansion of its global footprint.
He Chunlei, vice chairman and president of China Re, commented: “Chaucer is an outstanding performer in the Lloyd’s market run by a well-respected management team with business access to more than 200 countries and regions across the world.
“The acquisition of Chaucer will expand China Re’s global reach and raise our profile in the international markets.”
Strength
John Fowle, chief executive officer at Chaucer added: “This is an auspicious day for Chaucer, our clients and for China Re as this significantly enhances the strength of our market offering and creates new global opportunities to explore, including those from the Belt and Road initiative.”
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