Chaucer reshapes into Foundation, Flex and Flagship
Chaucer has reported on a strategic review that will result in the business reshaping into three elements as follows: Foundation, Flex and Flagship.
Foundation refers to Chaucer’s 27 specialist London classes, including the firm’s new international division, and the UK division, which together should provide “the profit potential, capital benefits of diversification and volatility management required to protect the group’s underwriting capabilities in the long-term”.
Flex is the name given to the company’s treaty and retro accounts, which it believes can provide “the high return opportunities and flexibility required to optimise our return within risk appetite”.
Flagship comprises the group’s newly established global energy practice, which brings together its energy, nuclear and engineering expertise.
The restructure should fuel Chaucer’s vision of becoming a top three dedicated Lloyd’s business, while building a UK motor direct brand with “significant” aggregator presence.
Commenting on the strategy, Chaucer’s chief executive officer, Bob Stuchbery, says: “With the launch of our Foundation, Flex, Flagship strategy, we firmly believe we are now better positioned to meet the developing needs of our markets, to deliver a superior return on capital and to build enduring value for our shareholders.”
Category: Car Insurance News, Chaucer News, Employment News, Insurance News
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