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China Re closes Hanover Insurance International acquisition

China Reinsurance (Group) Corp. on Dec. 28, 2018, completed the acquisition of Hanover Insurance International Holdings Ltd. from Hanover Insurance Group Inc.

Hanover Insurance International became a subsidiary of China Reinsurance following the completion. The acquisition of Hanover Insurance International Holdings is part of a deal involving China Re's purchase of Chaucer PLC, Hanover Insurance Group's Lloyd's-focused international specialty business, for approximately $950 million. The deal also involves the Chinese company's acquisition of Chaucer Insurance Co. Designated Activity Co. and Hanover Australia HoldCo Pty Ltd.

China Re said the acquisition of Chaucer Insurance Co. Designated Activity and Hanover Australia HoldCo is expected to close by the end of the first quarter of 2019.