DUKES PLACE COMPLETES TAKEOVER OF NW GROUP

Bermudian run-off acquirer Dukes Place has completed the takeover of the NW group of companies from former owners Norwich Union, Winterthur Swiss and Aioi. The NW companies comprise NW Reinsurance Corp, a London market underwriter active until 1993, and Cavell Management Services, which provides run-off services for the underwriting company and third parties. The NW acquisition is the fifth that Dukes Place has completed. The total assets of the five companies — which also include Unione Italian (UK), Unigard Security Insurance and a related company in Bermuda, both previously owned by US insurance group John Hancock — exceed $1.3bn and have a combined surplus of $250m.