CGNU announced that it intends to exit the Lloyd’s market and is selling its Marlborough Underwriting Agency to the Berkshire Hathaway Group for an undisclosed amount. Berkshire subsidiary GeneralCologne Re already participates in the Lloyd’s market, and the acquisition of Marlborough will strengthen its presence. The company has applied to Lloyd’s regulators for approval to take over providing capacity for Marlborough managed syndicates. CGNU reportedly plans to write off $650 million before taxes, and amend its results for the period ended Sept. 30 because of its exit from the market and associated reinsurance protection. The acquisition is in line with Chairman Warren Buffet’s announced intentions to seek investment opportunities in the U.K.
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