Hanover Insurance Group Inc. said Monday that London-based John Fowle has been named CEO of Chaucer Syndicates Ltd, a Lloyd’s of London unit of Hanover.
Mr. Fowle succeeds Johan Slabbert who is leaving the company to pursue other opportunities, according to a statement from Worcester, Massachusetts-based Hanover.
Previously, Mr. Fowle was chief underwriting officer, according to the statement. His appointment is subject to Lloyd's and regulatory approval.
Hanover bought Chaucer in 2011 for about $500 million.
(Reuters) — Underwriters at Lloyd's of London lost money in 2016, driving the 90-plus syndicates in the insurance market to be more selective in the risks they take on and forcing Lloyd's to cut its subscription rates.