Hanover Insurance Group sold its Chaucer Business to China Re for $865m.

Hanover Insurance Group, one of the oldest insurance businesses in the United States, sold its Chaucer Business to China Re, one of the largest reinsurance groups in China, for $865m. Yuan Linjiang, Chairman of China Re stated, the acquisition of Chaucer is a major strategic step taken by China Re in response to the nation’s call to “build China Re into a world-class modern reinsurance group”. It is also a milestone in China Re’s international development which is an integral part of its “One-Three-Five” Strategy. We are deeply impressed by Chaucer’s long history, outstanding management and corporate teams, robust profitability and strong risk management capabilities. With Chaucer’s established market leading position in specialty insurance, we are convinced that with this acquisition, our Group’s core competitiveness and capacity to serve “the Belt and Road Initiative” will be greatly strengthened. Together, we will secure greater and more diversified business and a higher status in international markets.