The Hanover Insurance Group, Inc. Announces Chaucer Sale Closing

By a News Reporter-Staff News Editor at Insurance Weekly News -- The Hanover Insurance Group, Inc. (NYSE: THG) announced it has completed the sale of Chaucer Holdings Limited, the major portion of its Lloyd's international specialty business, to China Reinsurance (Group) Corporation ("China Re"). In conjunction with the closing, completed on December 28, The Hanover's board of directors approved a new $600 million share repurchase authorization, and, pursuant to that authorization, an accelerated share repurchase agreement (the "ASR agreement") for $250 million. The board also declared a special dividend of $4.75 per share, or approximately $200 million in the aggregate.

he Hanover Insurance Group, Inc. Logo. (PRNewsFoto/The Hanover Insurance Group, Inc.) (PRNewsfoto/The Hanover Insurance Group, In)

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