September 13, 2018 / 11:56 AM / 2 months ago

Hanover Insurance to sell Chaucer unit to China Reinsurance for $950 mln

Sept 13 (Reuters) - Hanover Insurance Group Inc said on Thursday it will sell Chaucer, its specialist insurance business, which underwrites risks at Lloyd's, to China Reinsurance Group Corp for $950 million to focus on expanding its domestic business.

Lloyd's is the world's leading insurance market located in London, which helps insurers to price and underwrite risk through brokers and coverholders.

China Reinsurance will fund the deal with $865 million in cash and $85 million in dividends from the unit.

Reporting by Diptendu Lahiri in Bengaluru; Editing by Bernard Orr

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