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Daily Insurance Industry News
Tuesday 21st of May 2019
June 22, 2009

Brit reveals details of Chaucer offer

by Gill Montia

Story link: Brit reveals details of Chaucer offer

Brit reveals details of Chaucer offer 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% of the enlarged business and Chaucer says it is currently discussing terms with a number of shareholders.

Meanwhile, in a trading update, Chaucer has announced an increase in Syndicate 1084’s total capacity, to £626 million for 2009.

The rise represents a 30% increase on the 2008 capacity and a 15% increase on the £545 million capacity announced at the time of the firm’s January 2009 fund raising.

Lloyd’s has already approved a revised business plan and as a result, underwriting interests supported by Chaucer’s own capital will increase to £573 million for 2009.

The insurer says it has increased the underwriting capacity of Syndicate 1084 in response to positive market conditions, particularly in the property, motor and energy markets.

 

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