The transaction was worth approximately £221 million
BRIT Insurance Holdings (BRIT) has withdrawn its offer to purchase the entire issued and to be issued share capital of Chaucer Holdings. Both the companies are UK-based insurance and reinsurance groups.
BRIT had made a proposal earlier, to acquire the entire issued and to be issued share capital of Chaucer. As per the terms of the offer, BRIT Insurance was expected to pay 0.23 new shares for every Chaucer share. The transaction was worth approximately £221 million.
Chaucer Holdings is a UK-based risk insurance and re-insurance company. It operates via specific Lloyds syndicates.
Brit Insurance Holdings is a UK-based general insurance and reinsurance group, having expertise in commercial insurance.