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Hands firm eyeing a bid for Chaucer

By Daily Mail Reporter
Updated: 03:54 EDT, 8 February 2011

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Private equity tycoon Guy Hands, whose Terra Firma vehicle lost £1.8bn on its acquisition of EMI, is one of the bidders circling Lloyd's of London insurer Chaucer.

Shares in Chaucer soared 17% after it confirmed that it has received 'a number of approaches' regarding a possible offer for the company. The shares rose 8.75p to 61.5p, valuing the group at £337m.

As well as private equity interest, Chaucer is also thought to have caught the eye of a rival Lloyd's insurer.

The Lloyd's insurance market is seen as ripe for consolidation after a fall in insurance prices has hit their shares.

Last year Brit Insurance agreed to be bought by buy-out firms Apollo and CVC for £888m.

Beazley recently tried to buy rival Hardy but was rebuffed and decided to back off in December.

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