I am pleased to announce that China Reinsurance (Group) Corporation (China Re) has completed the acquisition of Chaucer from The Hanover Insurance Group, Inc. This follows the successful completion of the key legal and regulatory requirements.
China Re is a leading reinsurer in China, one of the top 10 reinsurance companies in the world, and maintains excellent security ratings from A.M. Best and Standard & Poor’s.
Completion of this transaction advances our specialty capabilities and multi-platform offering for brokers with the addition of Syndicate 2088, and provides Chaucer’s clients with access to China Re’s expertise and resources.
From day one, with Chaucer’s Senior Management Team continuing to lead the business under the Chaucer brand, our first priority is to expand our proven business relationship with you. Our new partnership with China Re will provide important stability and financial backing, allowing us to accelerate our development as a truly leading underwriter. Meanwhile, we enter 2019 with robust Lloyd’s business plans in place for both Syndicate 1084 and Syndicate 1176.
Subject to regulatory approval, it is intended to transfer the management of China Re Syndicate 2088 to Chaucer, with the Syndicate continuing to operate in line with its strategy and business plan agreed by Lloyd’s.
Once again, on behalf of all of us at Chaucer, I wish to thank you for our continued partnership and the trust that you place in us. With the support of China Re, I believe that this significantly enhances our offering to brokers, coverholders and clients, and I look forward to working with you on new opportunities over the coming months.
Chief Executive Officer & Chaucer Underwriting Officer