I am pleased to inform you that today The Hanover Insurance Group, Inc., has entered into a definitive agreement to sell Chaucer to The China Reinsurance Group (China Re), subject to the successful completion of all legal and regulatory requirements.
China Re is one of the top 10 reinsurance companies in the world, as well as a leading Property & Casualty insurer in China, and maintains excellent security ratings from A.M. Best and Standard & Poor’s.
The support of China Re will enhance the delivery of our successful business strategy, which has profitable growth at its core. Together, Chaucer and China Re will have the financial strength and stability of a business with an annual premium income of c.US$17bn and total assets of c.US$41bn.
As ever, we remain committed to delivering a first class underwriting and claims service, which the strength and capabilities of China Re will enhance. From day one it will be very much business as usual for us; our Senior Management Team will continue to lead the business under the Chaucer brand, through our Lloyd’s Syndicates 1084 and 1176, our international network and underwriting agencies, and CIC DAC, our insurance company in Dublin.
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. We look forward to working with you for many years to come and to developing more opportunities together in the future.
Chief Executive Officer & Chaucer Underwriting Officer