Chaucer

• Chaucer is the 7th largest Integrated Lloyd's Vehicle with £840m of managed capacity
• Chaucer has an underwriting business through its "in-house" Syndicates 1084 and 1176 and a third-party managing agency unit, managing Syndicates 1274, 1301, 4242
• A diversified, largely non-specialist book
• Property, Motor, Marine, Energy, Specialist Lines, Aviation, Nuclear

Investment Thesis

• Diversified business with exposure to different insurance cycles of various industries
• Positive characteristics of insurance market:
• Premium rates expected to increase
• Investment returns expected to increase with rising interest rates
• Opportunities for consolidation

Website

Company: http://www.chaucerplc.com/chp/en/home