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Agreement to sell insurance business. The sell will reportedly enable Chaucer to continue to thrive and prosper by joining forces with China Re. (Image: Shutterstock)

This story is reprinted with permission from FC&S Legal, the industry’s only comprehensive digital resource designed for insurance coverage law professionals. Visit the website to subscribe.

The Hanover Insurance Group, Inc., has entered into a definitive agreement to sell the entities comprising Chaucer, its Lloyd’s-focused international specialty business, to China Reinsurance Group Corporation (China Re), for total proceeds of $950 million, including cash consideration from China Re of $865 million and a pre-signing dividend from Chaucer of $85 million received in the second quarter of this year.

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