The Hanover Insurance Group Inc. today announced the terms of an offer to acquire Chaucer Holdings PLC, a specialist Lloyd's insurance group for approximately $510 million. The deal is expected to close during the third quarter of this year. Provided all conditions for the sale are met, The Hanover says it will acquire 100% of the London-based company.
Chaucer manages syndicates 1084 and 1176 and, together, they underwrite a diversified book of specialty insurance and reinsurance including global marine, energy, non-marine and aviation risks as well as UK motor and nuclear. The offer values Chaucer at approximately 1.26 times estimated tangible book value per share as of Dec. 31, 2010, after adjusting for the effects of Chaucer's recently announced estimated catastrophe activity.
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