The Hanover Insurance Group, Inc. Completes Sale of Chaucer-Related Irish and Australian Entities
Sale completes disposition of the company's Lloyd's international specialty business
Apr 11, 2019, 07:30 ET
WORCESTER, Mass., April 11, 2019 /PRNewswire/ -- The Hanover Insurance Group, Inc. (NYSE: THG) today announced it has completed the sale of its Chaucer-related Irish and Australian entities, including Chaucer Insurance Company DAC and SLE Holdings, to China Reinsurance (Group) Corporation ("China Re"), for total proceeds of $41 million. These are the final entities to be sold in connection with the sale of The Hanover's Lloyd's international specialty business. The sale of the major portion of the business was completed on Dec. 28, 2018.
"With the sale of these two entities, we have completed the sale of our Lloyd's international specialty business to China Re," said John C. Roche, president and chief executive officer at The Hanover. "We are confident our exclusive focus on our proven and distinctive domestic business will enable us to deliver significant value for our shareholders and other stakeholders."
Forward-Looking Statements
The comment on the company's ability to deliver value to its stakeholders may constitute a forward-looking statement for purposes of the safe harbor provisions of the United States Securities Litigation Reform Act of 1995. Actual results may differ and investors are cautioned to consider the risks and uncertainties in the company's business, including those discussed in readily available documents, such as the company's annual report on Form 10-K and other documents filed by The Hanover with the SEC and which are also available at www.hanover.com under "Investors."
About The Hanover
The Hanover Insurance Group, Inc. is the holding company for several property and casualty insurance companies, which together constitute one of the largest insurance businesses in the United States. The company provides exceptional insurance solutions through a select group of independent agents and brokers. Together with its agents, The Hanover offers standard and specialized insurance protection for small and mid-sized businesses, as well as for homes, automobiles, and other personal items. For more information, please visit hanover.com.
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SOURCE The Hanover Insurance Group, Inc.
