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CGNU to pull out of Lloyds

US investor Warren Buffett&#39s Berkshire Hathaway Group is buying an underwriting agency from merged insurance group CGNU.

Shares in CGNU leapt 4 per cent to £9.58 on the announcement of the sale but the move to pull out of Lloyds of London will cost CGNU £448m in charges.

The insurer says it is selling the Marlborough Underwriting Agency to concentrate on house, car and small business insurance but stresses there will be no job losses as a result.

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