Chaucer reports takeover interest

by Gill Montia

Story link: Chaucer reports takeover interest

Lloyd’s insurer and reinsurer, Chaucer, has reported that it has received interest from a number of parties since announcing that it was exploring options to raise capital.

At the end of last month the company revealed plans to raise £75 million (net of expenses) “in light of the improving underwriting outlook for the insurance sector and the company’s capital requirements”.

The firm has today confirmed that it has received a number of approaches which may, or may not, lead to a takeover bid, adding that the approaches are in addition to that already made by Novae Group.

Novae operates via its Lloyd’s business, Novae Syndicates, handling large international and specialist risks while also trading as Novae Insurance in UK and European commercial lines markets.

The group has proposed an all-share merger with Chaucer, although other interest is reported to be coming from Bermuda-based insurers.

Chaucer’s core businesses are its Chaucer Syndicate 1084 and Nuclear Syndicate 1176, which the company maintains together provide a diversified business, balancing marine and non marine risks with nuclear insurance and a UK motor business.