Atrium Syndicate 609 has agreed a loss portfolio transfer with Enstar’s Lloyd’s syndicate 2008, covering discontinued portfolios. The transaction covers 609’s marine treaty reinsurance, property treaty reinsurance and US contractors general liability portfolios.
Under the terms of the LPT, Atrium Syndicate 609 will cede net loss reserves of approximately US$196m, based on the carried reserves by Atrium as at Q3 2024 to Enstar’s Syndicate 2008. The reinsurance relates to business underwritten in the 2023 and prior years of account with all claims handling transferring to Syndicate 2008.
John Fowle, Atrium’s CEO, said: “We are pleased to be working in partnership with our long-standing colleagues at Enstar to address legacy business. This transaction bolsters Atrium’s ability to continue delivering solutions to our brokers and clients in the lines of business where our expertise is truly valued. We appreciate Enstar’s support and would also like to thank Gallagher Re and Willkie for their advice.”
Completion of the transaction is subject to regulatory approval and satisfaction of other customary closing conditions.
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