Hanover completes sale of Chaucer-related companies

April 11-- Apr. 11--WORCESTER -- Hanover Insurance Group Thursday announced it has completed the sale of its Chaucer-related companies.

"We have completed the sale of our Lloyd's international specialty business to China Re," John C. Roche, president and chief executive officer, said in a statement.

China Re is a large reinsurance business owned by the Chinese government and a Chinese sovereign fund.

The expected announcement signals the closing of a deal that Hanover in December anticipated would bring it between $840 million to $860 million.

Most of the transactions were completed by December. Thursday's announcement concerned the final $41 million in proceeds received from the sale of Chaucer-related entities in Ireland and Australia.

Hanover bought Chaucer in 2011 for $474 million. It said in December that about $450 million of the profits from the sale would go to shareholders in the form of stock buybacks and dividends.

"We fully anticipate deploying this capital in the best interest of our shareholders and in a very reasonable time frame," Jeffrey M. Farber, Hanover chief financial officer, said in December.

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