April 3, 2018

Hanover Insurance considering Chaucer sale

Photo | Grant Welker
The Hanover Insurance Group's Worcester campus.

Hanover Insurance Group has confirmed it is exploring the merits of a possible sale of its London-based specialty insurance firm Chaucer.

The insurance company said last week it retained New York City financial services firm Goldman Sachs & Co. to serve as an adviser through the process.

No additional details were provided.

Chaucer's operating income before taxes last year was just $7.1 million, compared to $126.8 million in 2016. Hanover reported Chaucer's 2016 figures included just $8 million of catastrophe losses, while $131 million was recorded last year.

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