Chaucer has acquired PXRE Ltd, part of the PXRE group which provides all the capital for Syndicate 1224.
Syndicate 1224, which ceased underwriting in the 2000 year of account, will close into Chaucer's Syndicate 1084 and provides PXRE with an orderly exit from Lloyd's.
The transaction includes reinsurance arrangements to ensure no erosion of PXRE Ltd's net assets from its exposure to 2000 and prior years of account underwriting.
Ewen Gilmour, chief executive of Chaucer, said: "This transaction fits with Chaucer's strategy of developing additional income streams from syndicate management and closure for third parties.
"It builds on our underwriting and managing agency competencies, providing diversification and balance to the group's underwriting interests."
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