Hanover Insurance Weighs Selling London Specialty Unit Chaucer
Hanover Insurance Group is considering selling its international professional insurer, Chaucer, in London.
Worcester, Mass. issued a statement confirming that “strategic options are under review, including the sale” to Chaucer.
Chaucer’s segments include international business written in Lloyd’s, including maritime and aviation, and real estate.
Hanover acquired Chaucer in 2011 with a $ 474 million deal during that time – CEO Frederick Eppinger.
“The combination of our companies is a milestone in our journey to building a world-class commercial and real estate organization and to significantly enhance our professionalism. “Eppinger said at the time.
The company has retained Goldman Sachs & Co., LLC. to serve as its mentor through the process.
In 2017, Chaucer reported writing premiums of $ 850 million compared to $ 816 million by 2016. Operating income in 2017 dropped to $ 7.1 million in 2017 compared with $ 127 million 2016. The combined 2017 is 105.3, including disasters after 90.4 in 2016. Disaster exclusion, the combined rate in 2017 is 89.9 versus 89.4 in 2016.
This move occurs when Chaucer is expanding.
Last December, Chaucer sponsored the creation of a reinsurance concrete car company that would provide the ability to secure the Chaucer Syndicate 1084 global reinsurance contract by 2018.
Last July, Chaucer acquired SLE Holdings, a joint venture underwriter of Lloyd’s in Sydney, Australia, guaranteeing the sports, entertainment and entertainment markets.
Last June, Chaucer set up a company in Dublin to write the international professional insurance business.
The new strategy is being pursued under the current CEO and president, John Roche, who held the leadership position last November, succeeds Joseph M. Zubretsky, who resigned to take charge. Molina’s location.
Roche has served in the company’s executive leadership team since 2008. He has more than 30 years of experience in the asset and casualty insurance industry.