Novae in the frame for merger

Lloyd’s insurer Chaucer is exploring a merger after receiving a proposal from Novae.

In a statement to the stock exchange, Chaucer said it would consider whether the unsolicited proposal, which was on an all share, nil premium basis, would be in the interest of shareholders.

It added that the proposal contained a number of conditions and there was no certainty that an offer would be made.

Earlier this week, Chaucer said it was exploring raising capital to take advantage of improving underwriting conditions (page 13).