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Wellington Underwriting has announced plans to set up a £448m London-based reinsurance business called Wellington Re, which will focus mainly on casualty and property.
Wellington Underwriting is in merger talks with Limit, which could lead to the creation of the largest independent Lloyd's insurance group valued at £376m.
Wellington Underwriting, the Lloyd's insurance business, is to acquire J Linnerman, the US managing agent, for £2.5m.
Wellington Underwriting has made an agreed £35m bid for Premium Insurance to create a combined group with over £600m of underwriting capacity.