Russian tycoon stalks Lloyd's insurer Chaucer

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His Pamplona Capital Management today said it is eyeing a 29.9% stake in Chaucer Holdings, a Lloyd's insurer that has been exciting takeover speculation for weeks.

Chaucer has been buffetted by poor investment returns and high levels of claims. It had begun sounding out shareholders about a rights issue, a common recent tactic for Lloyd's firms.

Chaucer operates in the motor and marine areas where premiums are expected to soar, which may explain Knaster's interest. He may face competition from fellow insurer Novae, which has already made an approach to Chaucer about a deal.

Knaster set up Pamplona to help Russian firms invest overseas. He is number 88 in the recent Times Rich List with a personal fortune estimated at £500 million.

Chaucer shares added 31⁄4p to 443⁄4p, which leaves the company valued at £245 million.

Pamplona said it is poised to make a "partial cash offer" for the 29.9% stake. If it succeeds, it would then be obliged under Stock Exchange rules to make a full bid for the company.

It is looking to get the approval of the Chaucer board before it presses ahead.