The Hanover and Chaucer acquire Australian Lloyd's MGA

The Hanover Insurance Group's international specialty insurer Chaucer has acquired Sydney-based Lloyd's managing general underwriting agency (MGA) SLE Holdings.

According to the statement, the deal will increase Chaucer's specialty product capabilities and strengthen its competitive position in Australia. At the same time, SLE will gain access to additional resources to develop its business and capitalise on new growth opportunities.

"This acquisition will enable us to expand our specialty capabilities as part of our long-term growth strategy, Hanover 2021," said Joseph Zubretsky, president and CEO of The Hanover. "SLE will provide us with additional underwriting expertise, new product capabilities and greater access to the Australian market."

SLE Holdings, which currently underwrites business exclusively in Australia, wrote approximately $25 million of specialty premium in 2016, with a focus on the sports, leisure and entertainment markets.

John Fowle, CEO of Chaucer, commented: “This acquisition is an excellent strategic fit. It will enable us to increase our presence in this important market, giving us greater access to high-quality business and bringing us closer to our customers, while expanding the scope for distribution of other Chaucer products in the future."

Founded in 2009 by Brad French, SLE includes Pacific Underwriting, a specialist commercial/industrial managing general underwriter.

"We look forward to joining the team," French said. "Chaucer has a strong and well-recognised Lloyd’s brand and we are excited about working with the Chaucer team to expand our current business offering. This relationship also provides the strong platform needed to continue our profitable growth in this market."

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