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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.

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