Chaucer Holdings revealed today they were involved in final talks to buy Highway...
Chaucer Holdings revealed today it was involved in final talks to buy Highway Insurance. The Lloyd's insurer also revealed a healthy set of end of year results.
Highway's shareholders will now consider the all share offer from Chaucer, which represents 44 Chaucer ordinary shares for 54 Highway shares.
Chaucer declared pre-tax end of year profits of £38.2m, 6.7% up from last year's £35.8m.
Gross written premiums were up by 21.6% to £391.1m, from £321.6m in 2003.
The combined ratio was 88.6%, up from 83% in 2003.
Chaucer's chairman Martin Gilbert said: “I am pleased to report another strong performance in 2004, delivering significant profits despite a year of heavy catastrophe losses.”
Of the proposed Highway acquisition the board at Chaucer said it had “identified significant operational efficiencies and cost saving synergies which are achievable in the medium term from combining the two motor entities.”
