Frederick H. Eppinger, CEO of The Hanover, says he certainly won't apologize for good timing, but the recent bid to acquire Chaucer Holdings was not driven by the state of the Lloyd's market.
Hanover Insurance Group has made an offer to buy London-based Chaucer Holdings for $510 million. The companies say the purchase is expected to close during the third quarter.
The acquisition "was more strategic than opportunistic," Eppinger says during an interview with NU. "We've been working at this [finding a good acquisition partner] for over a year."
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