With Angelique Ruzicka, finance editor
Chaucer set market speculators’ minds at ease this week by confirming what everyone thought – that more than one company is interested in buying it.
Novae is formally in due diligence. According to UK reports – and our online analysis “Why Chaucer has plenty of suitors” – Brit has joined the fray. Brit has refused to comment.
Analysts will not rule out bids from Bermuda. One said the weakness of sterling against the dollar would make buying a Lloyd’s business such as Chaucer cheap for a Bermudian company. Shareholders seem to like the idea of multiple bidders and Chaucer’s share price rose by just over 9% this week. Novae’s price was up 10.34%.
AIM activity was flat again this week. This column highlighted a 31.25% drop for Resources In Insurance Group last week. Its chairman John French has since said: “The underlying situation of the business is becoming quite encouraging. Come March I can make positive statements about progress.”
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
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