Chaucer estimates Japan losses, seeks rate hikes

LONDON—Chaucer Holdings P.L.C. said Monday that it expects its losses from Japan’s devastating earthquake and tsunami to range from £27.5 million ($44.8 million) to £35 million ($59.3 million).

The Lloyd’s of London insurer said it did not expect any significant insured loss to its nuclear syndicate 1176, which provides coverage to Tokyo Electric Power Co., the operator of the heavily damaged Fukushima Daiichi Nuclear Power Plant.

In a statement, Chaucer said it expects “marked” increases in rates for catastrophe-exposed business as a result of the Japan disaster and several other natural catastrophes this year and last.

The London-based company added that it is actively seeking terms more favorable to the insurer terms in other lines of business.

Chaucer also confirmed that talks with several parties interested in buying the company were continuing.