Brit in merger talks with Chaucer
UK-based Brit Insurance Holdings confirmed Friday that is in merger talks with Lloyd’s of London insurer Chaucer.
Brit said any offer would be on an all-share basis.
Chaucer responded with a cautious statement warning that there is “no certainty” an offer will be made.
“A further announcement will be made when a conclusion to these discussions has been reached,” Chaucer said.
Chaucer has been considering a variety of funding options since January after reported a pre-tax loss of £26.2 million for 2008.
In March this year, merger discussions between Chaucer and London-based Novae Group ended in a deadlock, whilst in May Chaucer said it was in talks with private equity firm Pamplona Capital Management about a potential stake sale.
Category: Brit Insurance News, Chaucer News, Insurance News
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