Hanover To Buy European Insurer
Worcester's Hanover Insurance Group announced plans to purchase a U.K.-based insurer for $510 million.
The board of directors of Chaucer Holdings has unanimously approved the company's sale to Hanover, which is expected to close in the third quarter of the year, pending shareholder and regulator approval both in America and the U.K.
Chaucer underwrites business at Lloyd's, the London-based insurance and reinsurance marketplace. It has $1.3 billion in written premiums and $3.7 billion in assets, according to a press release from Hanover. Both figures are converted from English currency.
Hanover CEO Frederick Eppinger called the proposed transaction a "significant step" in building a "world class property and casualty company."
Both companies touted the transaction's benefits, including greater scale and earnings diversification for each business.
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