Private equity firm Terra Firma has announced that it has no intention of making an offer for Lloyd's insurer Chaucer.

Terra Firma, founded by Guy Hands, announced on 8 February that it was considering making an offer for Chaucer following press speculation.

However, on 20 April, US insurance group Hanover made a £313m offer for Chaucer, which Chaucer's board has recommended to shareholders.

The deal with Hanover is expected to complete in early July.

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