Bermuda-based Carvill, one of the largest privately-owned international reinsurance brokerages, is going out of business next year, National Underwriter has learned.

Rory Carvill, chairman of the parent company R.K. Carvill (International Holdings) Ltd., cited rising costs and economic conditions when notifying clients in a letter written yesterday that the 31-year-old concern "will not place or renew any treaty reinsurance business" after April 1, 2009.

Besides R.K Carvill, the firm has operations in Bermuda and London that deal in specialty products coverage, including medical malpractice, directors and officers, errors and omissions liabilities, major property-catastrophe, and financial products, including retrocessional business.

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