The Hanover mulls Chaucer sale as it explores strategic alternatives

The Hanover Insurance Group is "exploring strategic alternatives" for its international specialty business, including a sale of its Lloyd's insurance unit Chaucer.

In a brief statement, the company said that it is "undertaking a review of strategic alternatives, including a possible sale for London-based Chaucer."

Investment bank Goldman Sachs & Co. has been retained to serve as its adviser through the process, The Hanover said.

Worcester, Massachusetts-based The Hanover acquired Chaucer in 2011 for an aggregate transaction value of approximately £313 million ($510 million).

Chaucer underwrites business in all the major insurance classes, including global marine, energy, non-marine and aviation, as well as UK motor and nuclear, through its Lloyd's syndicates 1084 and 1176.

Chaucer also has international hub offices in Europe, Latin America and Asia, and recently established a Dublin-based subsidiary. in Dec. 2017, Chaucer also gained authorisation to set up an operation in the Dubai International Financial Centre (DIFC).

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