Hanover Insurance Group has completed the acquisition of Chaucer Holdings, a specialist Lloyd's insurance group for $474m.
Robert Stuchbery, who will continue as chief executive officer of Chaucer, said the transaction would strengthen Chaucer’s financial position and set the stage for continued growth.
The Hanover CEO Frederick Eppinger said as the company swiftly move through the integration process and begin to advance its long-term plans, The Hanover continue to be impressed with Chaucer’s management and staff, and with their commitment to disciplined underwriting and risk management.
"The combination of our companies represents an important milestone in our journey to build a world class property and casualty organization and to significantly enhance our specialty strategy.
"We fully expect this acquisition to be accretive to our earnings, while providing our company with greater scale, more geographic diversification, an expanded market presence, and additional underwriting and risk management expertise," Eppinger said.