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Terra Firma drops interest in Chaucer bid

By Daily Mail Reporter
Updated: 04:26 EDT, 3 June 2011

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Terra Firma, the private equity firm run by Guy Hands, said yesterday it has no intention of making an offer to buy Lloyd's insurer Chaucer after it was asked to clarify its intentions by the Takeover Panel.

The firm said in a February statement to the stock exchange that it was interested in buying, but in April US property and casualty insurer Hanover's £313m bid for Chaucer was accepted by the board.

Lloyd's of London is viewed as ripe for consolidation, as a steady fall in global insurance and reinsurance prices has weighed on its member companies' shares.

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