Lloyd’s insurer Chaucer is now part of US insurance group Hanover following the satisfaction of all legal and regulatory requirements of the purchase.
As previously announced, the existing Chaucer management team will continue to run the business under its current brand for the underwriting activities of Syndicates 1084 and 1176, in Lloyd’s and through its international network.
Havover announced its intention to buy Chaucer in April.
“Our affiliation with The Hanover enables us to continue delivering upon our corporate strategy, whilst benefitting from the financial strength and stability that comes with being part of a business with an annual premium income of approximately $4bn and total assets of approximately $12bn,” said Chaucer chief executive Bob Stuchbery in a statement. “All Chaucer employees remain fully committed to delivering a first class underwriting service to our clients, which we believe will be enhanced by the capabilities and strengths provided through our relationship with The Hanover.”
Hanover chief executive Fred Eppinger added: “The combination of our two companies will strengthen our business operations, as we benefit from greater scale, market presence and earnings diversification. Moving forward as an even stronger organization, we remain committed to the delivery of outstanding service to our partners and their clients.”
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