China Re to acquire Chaucer for $950m

China Re has agreed to acquire specialist insurer Chaucer from Hanover Insurance Group for a total of $950m. Total proceeds for the deal will be “$950 million, including cash consideration from China Re of $865 million and a pre-signing dividend from Chaucer of $85 million, received in the second quarter of this year,” reads a statement from The Hanover. China Re hopes that the agreement will bolster its international development strategy via Chaucer’s diverse portfolio, which includes aviation, casualty, energy, marine, nuclear, political, property, and treaty business. Chaucer Syndicate 1084 was one of 28 reinsurers on the 2018 reinsurance programme obtained by the National Flood Insurance Program in the US. Chaucer has offices in Dublin, Copenhagen, Singapore, Dubai, Miami, and New York and was acquired by The Hanover in 2011.

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