Hanover Insurance sells Chaucer

Hanover Insurance is selling Chaucer to China Reinsurance for 950 million USD. Chaucer, which runs two Lloyd's syndicates, is a subsidiary of the German group.

The transaction is expected to be signed at the end of 2018 or during the first quarter of next year.

Hanover, which acquired Chaucer in 2011, believes that the deal will result in a gain.

China Re is the largest Chinese public reinsurer and also the leader of this business in Asia.