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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 obtained by NU, written on Dec. 9, noting that the 31-year-old concern “will not place or renew any treaty reinsurance business” after April 1, 2009.

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