BRUSSELS, Dec. 18 (Xinhua) -- The European Commission said on Tuesday that it has approved the acquisition of sole control over Chaucer by China Reinsurance Group Corporation.

Chaucer, which comprises the businesses of the Hanover Insurance International Holdings Limited of the UK, Chaucer Insurance Company Designated Activity Company of Ireland and Hanover Australia Holdco Pty Ltd of Australia, is active globally in the provision of reinsurance, non-life insurance, and specialty insurance.

China Re is active globally in property and casualty reinsurance and insurance, life and health reinsurance, and asset management.

The proposed transaction gives rise to horizontal overlaps between the companies' activities, but the European Commission under the European Union merger rules concluded that it would raise no competition concerns given the companies' limited combined market positions resulting from the proposed acquisition.

The acquisition is valued at 865 million U.S. dollars, according to a statement by China Re in December, 2018.