Chaucer talks continue as profit halves

first_img More From Our Partners Mark Eaton, former NBA All-Star, dead at 64nypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgPuffer fish snaps a selfie with lucky divernypost.comConnecticut man dies after crashing Harley into live bearnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comKiller drone ‘hunted down a human target’ without being told tonypost.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.com whatsapp Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndoMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailUndoTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodayUndoSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesUndoBrake For ItThe Most Worthless Cars Ever MadeBrake For ItUndoBetterBe20 Stunning Female AthletesBetterBeUndoElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldUndoautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comUndo Share Tags: NULL FOR-SALE Lloyd’s insurer Chaucer posted a small profit yesterday and confirmed its takeover discussions were continuing.Chaucer confirmed it was in talks with potential bidders last month, which have been named as Guy Hands’ Terra Firma private equity firm and a US trade buyer, among others. Sources told City A.M. yesterday Hands was weeks away from formalising a bid.Chairman Martin Gilbert said talks were subject to due diligence. “It will take time to ascertain whether an offer for the business may be forthcoming,” he said. “We continue to hold discussions with interested parties with a view to maximising value for shareholders.”Chaucer, which covers areas such as marine, energy and aviation, saw pre-tax profit more than halve in 2010 to £34.8m from £75m in 2009. Including foreign exchange losses its pre-tax profit was £32.9m, below analysts’ £40m consensus forecast and down from £42m in 2009. It booked $85m (£52.2m) in catastrophe losses and its combined ratio widened to 99 per cent from 93 per cent in 2009. It also said it expected further losses from Australia’s January floods.But chief executive Bob Stuchbery said the firm’s new strategy was now “driving decision-making within Chaucer” and it was targeting rate rises in its global energy and UK motor insurance businesses in 2011.Chaucer’s shares closed down 0.85 per cent at 58.50p. center_img KCS-content Show Comments ▼ whatsapp Chaucer talks continue as profit halves Monday 7 March 2011 8:47 pmlast_img