Chaucer & partners launch Russia’s first Lloyd’s coverholder
by Gill Montia
Story link: Chaucer & partners launch Russia’s first Lloyd’s coverholder
Chaucer has announced a new partnership with Nakhodka Re in Moscow and RFIB Ltd in London, to launch SeaLine, the first Lloyd’s coverholder in Russia. SeaLine, which received Lloyd’s coverholder approval last week, will underwrite cargo reinsurance risks across Russia’s Commonwealth of Independent States (CIS). Commenting on developments, Chaucer Syndicate 1084 head of production, Andrew [...]
Chaucer clarifies position on Japanese nuclear sites
by Gill Montia
Story link: Chaucer clarifies position on Japanese nuclear sites
Chaucer has confirmed that its specialist Nuclear Syndicate 1176 is one of a panel of insurers that provide coverage to Tokyo Electric Power Company, the owner of two of the three nuclear sites in the area of Japan affected by Friday’s earthquake and tsunami. However, the Lloyd’s insurer says that it has no coverage in [...]
Chaucer launches International Liability Division
by Gill Montia
Story link: Chaucer launches International Liability Division
Chaucer’s new international liability division is open for business. Mark Lawrence has joined Chaucer Syndicate 1084 to head up the unit, having moved from Argo International, where he was joint active underwriter of Syndicate 1200 and responsible for all casualty business. Recruitment of the remainder of the team is complete and includes specialist class underwriters, [...]
Chaucer reshapes into Foundation, Flex and Flagship
by Gill Montia
Story link: 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 [...]
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 [...]
Chaucer partners ScandIns in Scandinavian energy market
by Gill Montia
Story link: Chaucer partners ScandIns in Scandinavian energy market
Chaucer Syndicate 1084 has formed an energy partnership with ScandIns (Scandinavian Insurance Management Company), which was established in Norway in 2009 and has been operating as an energy underwriting representative for Chaucer Syndicate 1084, since January. The company has now received approval in the UK to act as official underwriting agent for Lloyd’s, underwriting energy [...]
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 [...]
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 [...]
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, [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
RAC adopts panel approach to car insurance
by David Masters
Story link: RAC adopts panel approach to car insurance
Motoring group the RAC is able to offer more competitive car insurance deals after changing its distribution model from direct proposition to an affinity partnership. Previously RAC car insurance was solely underwritten by its owner, Norwich Union. Now, however, RAC has signed a contract with affinity specialist Junction. Junction will run a panel of up [...]
Chaucer H1 profits tumble
by David Masters
Story link: Chaucer H1 profits tumble
Lloyd’s insurer Chaucer Holdings Plc has posted its first half results, with pre-tax profits down 92% on year to £3.9 million. This is compared to pre-tax profit of £47.9 million for the first half of 2007, and is the worst result for the company in two years. The London-based company was hit by reduced returns [...]
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 [...]
