Chaucer opens Latin American office
by Gill Montia
Story link: Chaucer opens Latin American office
Chaucer has expanded in Latin America with the opening of a new office in Buenos Aires.
The move will allow the Lloyd’s insurer to access facultative property and related risks in the region, on behalf of Chaucer Syndicate 1084.
Uwe Fischer has been appointed general manager of the new operations and will be joined by Alejandro Ferrin [...]
Chaucer streaks ahead 40% on premium income
by Gill Montia
Story link: Chaucer streaks ahead 40% on premium income
Specialist motor insurer, Chaucer, has reported a stunning first half with premium income up an annual 38.2%, to £491 million, and pre-tax profit soaring 300% to £17.0 million.
Profit before tax and foreign exchange adjustments on non-monetary items stood at £52.6 million, compared with £3.4 million in the same period of 2008.
First-half underwriting profit came in [...]
Chaucer extends Teceris fraud detection contract
by Gill Montia
Story link: Chaucer extends Teceris fraud detection contract
Chaucer Insurance has awarded a three-year contract extension to Teceris, the claims services firm.
The move means Chaucer will continue to use Teceris’ claims screening service, which is based on a combination of Voice Risk Analysis and Conversation Management.
According to the Lloyd’s insurer, the system delivers benefits to genuine customers by allowing legitimate claims to [...]
Pamplona increases Chaucer stake
by David Masters
Story link: Pamplona increases Chaucer stake
London-based Pamplona Capital Management has upped its stake in insurer Chaucer Holdings, adding 34.4 million shares to the 54.8 million shares it acquired earlier this week.
The acquisition, subject to FSA approval, takes Pamplona’s stake in Chaucer to 16.27%, and values Chaucer’s stock at 44 pence per share.
Private equity firm Pamplona confirmed that it aims to [...]
Chaucer directors quit on failure of Brit offer
by Gill Montia
Story link: Chaucer directors quit on failure of Brit offer
The collapse of Brit’s possible offer for Chaucer has resulted in radical changes to Chaucer’s board.
Chief executive officer, Ewen Gilmour, is retiring this year and the firm’s chief underwriting officer, Bob Stuchbery, has taken over Mr Gilmour’s duties.
Chief financial officer (CFO), Mark Graham, has stepped down with immediate effect and Chaucer finance director, Ken Curtis, [...]
Pamplona acquires Chaucer stake
by David Masters
Story link: Pamplona acquires Chaucer stake
Pamplona has acquired a 7.4% stake in Chaucer, locking horns with Brit Insurance over its proposed takeover of the struggling Lloyd’s of London insurer.
The London-based private equity group, financed by Russia’s Alfa Bank, said it intends to purchase a third of Chaucer’s outstanding shares.
“We have bought 7.4% of the company today and we are still [...]
Brit reveals details of Chaucer offer
by Gill Montia
Story link: Brit reveals details of Chaucer offer
Brit Insurance has revealed further details of its possible offer for Chaucer Holdings.
The group has confirmed a proposal to the board of Chaucer in the following terms: 0.23 new Brit ordinary shares for every existing Chaucer share; a recommendation from the Board of Chaucer.
The proposed all-share deal would result in Chaucer shareholders owning approximately 29% [...]
Brit in merger talks with Chaucer
by David Masters
Story link: 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 [...]
Novae will not acquire Chaucer
by David Masters
Story link: Novae will not acquire Chaucer
Rival underwriters Novae and Chaucer will not merge after talks between the two companies fell through.
Novae said it had not been possible to work out a deal that was in the interests of shareholders.
Chaucer, which recently reported its first annual loss in seven years, said it is in continued discussions with other companies regarding a [...]
Chaucer to raise capital despite takeover bids
by David Masters
Story link: Chaucer to raise capital despite takeover bids
Chaucer Holdings PLC will press ahead with plans to raise £75 million through issuing shares despite receiving takeover offers.
The company confirmed that since it announced plans to raise funds it has received a number of approaches which may lead to acquisition offers.
However, the approaches are still at an early stage and subject to a number [...]
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 [...]
Chaucer admits plans to raise capital
by David Masters
Story link: Chaucer admits plans to raise capital
Lloyd’s insurer Chaucer Holdings has confirmed reports that it is exploring options to raise capital.
A statement from Chaucer read: “The company confirms that it is currently exploring its options for raising capital in light of the improving underwriting outlook for the insurance sector and the company’s capital requirements.”
The comments were made following a Financial Times [...]
Chaucer reports ’satisfactory’ Q1 performance
by David Masters
Story link: Chaucer reports ’satisfactory’ Q1 performance
Lloyd’s insurer Chaucer Holdings PLC has reported its results for the first quarter, with gross written premiums up marginally on year to £181.2 million.
This is compared to gross written premiums of £178.9 million for the first quarter of 2007.
The London-based insurer said that despite no major catastrophes during the quarter, insured market losses were high.
Furthermore, [...]
Chaucer’s record profits exceed £89 million
by David Masters
Story link: Chaucer’s record profits exceed £89 million
Chaucer Holdings have announced their preliminary results for 2007, with record profits before tax of £89.4 million.
The Lloyd’s insurer saw profits increase by 4% for the year ending 31 December 2007. Gross written premiums, however, were down to £584.1 million compared to £594 million in 2006.
The groups combined ratio improved by 3.1 percentage points, [...]
Chaucer Announce Growing Dividend Payments
by Stewart Douglas
Story link: Chaucer Announce Growing Dividend Payments
Insurance parent company Chaucer Holdings has today announced that its board of directors have recommended an increased dividend payment of £5.00 per share, up 25% from the dividend declared by the company last year, reflecting an increase in profitability overall from its insurance business divisions.
The company, which holds amongst others insurer Chaucer has announced that [...]
Chaucer Announce Collaborative Syndicate Launch
by Stewart Douglas
Story link: Chaucer Announce Collaborative Syndicate Launch
Insurer Chaucer has today unveiled its plan in conjunction with a New York private equity partnership and a leading German insurance company to launch a new syndicate at Lloyd’s with an initial underwriting capacity in excess of £135m.
The collaboration will see Chaucer team up with US equity group Lightyear Capital and German-based Wurttembergische Versicherung [...]
Chaucer Establishes New Syndicate
by Richard Kilner
Story link: Chaucer Establishes New Syndicate
A new Lloyd’s syndicate has been formed after Chaucer reached an agreement with Lightyear Capital from America and Württembergische Versicherung AG from Germany.
The Lloyd’s Franchise Board has given approval, in principle, for Antares Syndicate 1274 to begin writing next year, with an underwriting capability of £135m.
It will be managed by Chaucer’s Syndicates, and is sponsored [...]
