Cleary Gottlieb is representing Goldman Sachs, as financial advisor to The Hanover Insurance Group Inc., in the sale of its Chaucer business to China Reinsurance (Group) Corp. for total proceeds of $950 million, including cash consideration of $865 million and a pre-signing dividend from Chaucer of $85 million, received in the second quarter of 2018.
The deal signed on September 13, 2018, and is expected to close in late 2018 or in the first quarter of 2019.
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. Chaucer is the Lloyd’s-focused international specialty business of the Hanover Insurance Group Inc. and protects clients in more than 200 countries and territories worldwide.