U.S. general insurer, Hanover, has acquired Chaucer Insurance for £313 million, Financial Times reports. The deal was backed by nearly one-quarter of Chaucer’s shareholders, including Aberdeen Asset Management, run by Chaucer’s Chairman, Martin Gilbert.
The Lloyd’s of London insurer was also in talks with Terra Firma, which in February made an approach with an indicative 65 pence offer. Pamplona, a private equity fund backed by Russian money, was also seeking to buy a significant stake in the business.
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