Hanover’s Chaucer unit to exit UK motor business
Hanover Insurance Group is transferring its United Kingdom motor business to Markerstudy Group, the Worcester-headquartered company announced Monday.
Markerstudy Group is a U.K.-based insurance provider.
The approximately $60 million transaction — which is subject to regulatory approvals and other conditions — is expected to close in the third quarter. It is not expected to have a material impact on the Hanover's 2015 operating earnings, the statement said.
Frederick H. Eppinger, Hanover’s president and CEO, said in the statement that the decision will free Hanover’s international member company Chaucer to direct more resources to Lloyd’s of London’s specialist classes, “building even greater expertise in preferred market segments.”
Through Chaucer, Hanover underwrites business at Lloyd’s of London in several major insurance and reinsurance classes, including marine, property and energy.
Robert A. Stuchbery, president of Hanover's international operations and chief executive officer of Chaucer, said in the statement: "The UK motor division has made a solid contribution to our success for many years. As a member of the Markerstudy Group of companies, it will benefit both from strategic investments in products and services and affiliation with an organization committed to building its presence in the domestic UK market."
WBJ Web Partners
Most Recent
Most Recent
0 Comments