CHINA RE COMPLETES CHAUCER ACQUISITION

China Re has completed its $950m acquisition of Chaucer Holdings from The Hanover Insurance Group. This follows the successful completion of the key legal and regulatory requirements. The Hanover announced in September it had struck a deal to sell its Lloyd’s insurer Chaucer to the Chinese group as the US insurer looked to focus on its domestic US business and reduce its catastrophe exposure. China Re said the acquisition will accelerate its international expansion strategy. The world’s eighth-largest reinsurer has already established the China Re syndicate 2088 at Lloyd’s and a Singapore branch. Chaucer’s senior management team will continue to lead the company under the Chaucer brand.