Chaucer joins The Hanover Insurance Group, Inc.

Date published: 01/07/11

Chaucer joins The Hanover Insurance Group, Inc.

Chaucer is pleased to announce that it has today joined U.S. based, The Hanover Insurance Group, Inc., following the successful completion of all legal and regulatory requirements.

The Hanover Insurance Group, Inc., which trades on the New York Stock Exchange, writes U.S. Property and Casualty business, with Commercial Lines (of which approximately one-third is Specialty) comprising over half of the portfolio and the balance being in Personal Lines. 

Chaucer’s Senior Management Team will continue to lead the business under the Chaucer brand for the underwriting activities of Syndicates 1084 and 1176, in Lloyd’s and through its international network.

The Hanover announced its intention to acquire Chaucer in April following the unanimous recommendation of the Chaucer Board of Directors and the transaction was overwhelmingly approved by the Company’s shareholders earlier this month.

Bob Stuchbery, Chief Executive Officer, Chaucer commented:

"Our affiliation with The Hanover enables us to continue delivering upon our corporate strategy, whilst benefitting from the financial strength and stability that comes with being part of a business with an annual premium income of approximately US$4bn and total assets of approximately US$12bn.""All Chaucer employees remain fully committed to delivering a first class underwriting service to our clients, which we believe will be enhanced by the capabilities and strengths provided through our relationship with The Hanover."

Fred Eppinger, President and CEO, The Hanover added:

"We are impressed with Chaucer's management and staff, its rich history, and commitment to disciplined underwriting and risk management. We believe there is a great cultural fit with The Hanover, and are very pleased to have the Chaucer team join our organization."

"The combination of our two companies will strengthen our business operations, as we benefit from greater scale, market presence and earnings diversification. Moving forward as an even stronger organization, we remain committed to the delivery of outstanding service to our partners and their clients."