China Re plans to transfer it’s Lloyd’s syndicate to Chaucer’s managing agency
China Re has completed its acquisition of Chaucer Holdings from Hannover Insurance Group.
The deal, priced at $950m, was agreed through a share purchase agreement in September 2018. China Re confirmed last month that it has now purchased 100% of Chaucer’s share capital.
The Hanover bought Chaucer in July 2011 for $474m, and had been considering selling the Lloyd’s syndicate since April this year.
On confirming the deal, China Re revealed it plans to transfer its Lloyd’s Syndicate 2088 into Chaucer’s managing agency, subject to regulatory approval.
Yuan Linjiang, chairman of China Re, added: “This is an exciting time for China Re. We are very pleased to have gained the regulatory approvals to complete the acquisition of Chaucer Holdings Limited.
“This deal fits China Re’s strategic positioning of ‘reinsurance as the core business’ and the pursuit of international development in our ‘One Core, Three Breakthroughs and Five Cross-overs’ corporate strategy. We expect to take advantage of Chaucer’s business platforms across the world to maximise the opportunities for mutually beneficial growth.”
John Fowle, Chaucer chief executive, added: “This is an auspicious day for Chaucer, our clients and for China Re as this significantly enhances the strength of our market offering and creates new global opportunities to explore, including those from the Belt and Road initiative.
“The completion of this transaction marks a significant milestone in our history and we are ready to accelerate our business development and growth with the support of China Re.”
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