The Bermuda-based PXRE group of insurance companies has completed its exit from Lloyd's with the acquisition by Chaucer Holdings PLC of PXRE Limited.
Chaucer said the newly acquired, wholly-owned subsidiary of PXRE Reinsurance Company provides all the capital for Syndicate 1224, which ceased underwriting in 2000 and will close into Chaucer's Syndicate 1084.
The acquisition price of PXRE Limited was not revealed by Chaucer beyond the statement that it was a "nominal sum." Chaucer said it will pay additional funds for taxation benefits stemming from the deal.
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