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Member, Beacon International Group, Ltd.
LONDON—Brit Insurance Holdings P.L.C. said Tuesday it has withdrawn its offer for Chaucer Holdings P.L.C., less than two weeks after confirming its desire to acquire the fellow U.K. insurer.
On June 12, Brit said it was interested in a possible all-stock offer for Chaucer, which was conditional on a positive recommendation from the Chaucer board of directors. According to a statement to the London Stock Exchange, Chaucer informed Brit that “it was not in a position to recommend the proposal,” which forced Brit to withdraw its offer and end the acquisition talks.
Brit reserved the right to make an offer for Chaucer within the next six months if it receives approval from Chaucer’s board, another party makes an offer for Chaucer or there is a material change in circumstances. Brit can do so under U.K. takeover law.
Separately, Chaucer said Tuesday that Chief Executive Officer Ewen Gilmour had notified the insurer’s board that he plans to retire. Bob Stutchbery, chief underwriting officer, immediately assumed Mr. Gilmour’s responsibilities as CEO of Chaucer Syndicates Ltd., the insurer said in a statement.
Also, Chief Financial Officer Mark Graham has decided to leave to pursue other opportunities, according to Chaucer. Ken Curtis, finance director of Chaucer Syndicates Ltd., was appointed as interim CFO of the parent company effective immediately.