On July 1st The Hanover completed its acquisition of the U.K.-based Chaucer Holdings PLC, a leading specialist Lloyd’s insurance group. Total consideration paid for the transaction amounted to approximately $474 million.
“The combination of our companies represents an important milestone in our journey to build a world class property and casualty organization and to significantly enhance our specialty strategy,” explained Frederick H. Eppinger, The Hanover’s Chief Executive Officer. “Many of our partner agents have reached out to us, expressing their interest in future product opportunities, especially in the areas of marine, energy and aviation. the acquisition will also provide Chaucer with new growth opportunities through our selected partner network in the United States.”
Eppinger also said he expects the acquisition to benefit both companies’ businesses and their clients. “We fully expect this acquisition to be accretive to our earnings, while providing our company with greater scale, more geographic diversification, an expanded market presence and additional underwriting and risk management expertise.”
The Hanover first announced its intention to acquire Chaucer Holdings in April of this year.
