UPDATE 1-Hanover to sell specialty unit to China Reinsurance for $950 mln [Reuters]
Hanover Insurance Group Inc (THG)
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Source: Reuters
UPDATE 1-Hanover to sell specialty unit to China Reinsurance for $950 mln | Reuters 2 Min Read (Adds details on the deal, CEO comment) Sept 13 (Reuters) - Hanover Insurance Group Inc on Thursday decided to sell its unit that underwrites risks at insurance market Lloyd’s to China Reinsurance Group Corp for $950 million to focus on expanding its domestic business. China Reinsurance will fund the deal to buy Chaucer with $865 million in cash and $85 million in dividends from the unit. “This transaction will enable us to build on the growing momentum in our domestic property and casualty businesses,” said Hanover Chief Executive Officer John Roche in a statement. The company plans to expand capabilities in commercial businesses as well as improve penetration in the personal lines and small commercial sectors, Roche added. The cash part of the deal consists of initial consideration of $820 million payable at closing and $45 million to be held in an escrow account, which may be adjusted if
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- The Hanover Insurance Group, Inc. to Hold Annual Meeting of Shareholders on May 14 [Yahoo! Finance]Yahoo! Finance
- The Hanover Insurance Group, Inc. to Hold Annual Meeting of Shareholders on May 14PR Newswire
THG
Earnings
- 1/31/24 - Beat
THG
Sec Filings
- 4/1/24 - Form 4
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- 4/1/24 - Form 4
- THG's page on the SEC website