China Reinsurance (Group) Corp. announced it has completed the 100 percent equity acquisition of Chaucer Holdings Ltd. — the major portion of Hanover Insurance Group’s Lloyd’s international specialty business.
The acquisition of Chaucer Insurance Co. DAC (Chaucer Dublin) and Hanover Australia Hold Co. Pty Ltd (SLE) remain subject to local regulatory approval and is expected to close by the end of first quarter in 2019.
According to the Hanover Insurance Group, China Re buys Chaucer for $ 940 million with a total of $ 930 million. The agreement was completed on 28 December and was first announced in September 2018.
China Re is a milestone in China’s expansion of the global footprint, thanks to the fact that the acquisition of London-based Chaucer is a noteworthy move for China Re, with Chaucer as the top player in Lloyd’s market and a global global reinsurance company. told .
This acquisition is expected to benefit from business partners, products and technical know-how with China’s existing legal entities and Chaucer. China Re aims to strengthen its core reinsurance business, improve its position in the global market and better serve the Belt & Road Initiative in China. *
China Re plans to transfer Syndicate 2088 to Chaucer’s Executive Agency, subject to regulatory approval.
Esine After this process has been largely completed, we are especially excited to focus on continuing to expand our own local business, mak said John C. Roche, president and CEO of The Hannover.
. With a strong financial base, a clear strategic focus and a simplified business structure, Roche said, we determine that we are the leading property and accident company in the independent agency channel, “Roche said. We will continue to create our organization in line with the needs of our agency partners, offer appropriate and sensitive insurance solutions to our partners and customers and provide superior returns for our shareholders. Organizasyon
Zaman This is an exciting time for China Re. We are very pleased to receive legal approvals to complete the purchase of Chaucer Holdings Ltd. Cha
”This agreement matches the strategic position of China Re’s core Core, Three Leaps and Five Passes in our corporate strategy’ as a core business in the search for reinsurance and international development, “he said. Uc We look forward to taking advantage of Chaucer’s business platforms in the world to maximize growth opportunities that are mutually beneficial. “
He said, say Chaucer is an outstanding artist in the Lloyd market, run by a reputable management team with business access to more than 200 countries and territories around the world. The acquisition of Chaucer will expand China Re’s global reach and increase our profile in international markets. ”
Bir This is an auspicious day for Chaucer, our customers and the Chinese Re. This significantly increases the power of our market offer and creates new global opportunities to explore, including the Belt and Road initiative g at Chaucer. Hazır The completion of this process is an important turning point in our history and we are ready to accelerate our business development and growth with the support of China Re. “
Aon Securities served as a financial advisor and Sidley Austin LLP gave legal advice to China Re.
The Kemer and Road Initiative, also known as dolar a belt, a road dolar launched in 2013 by China, is a continuing project to invest billions of dollars in infrastructure in countries in Asia, Africa and Europe.
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