Atrium Underwriters Limited, the MGA for Lloyd’s Syndicate 609, has announced that it has come to the decision, together with the Marine Reinsurance Underwriter, that it will exit the Marine XL Reinsurance book of business.
The exit will come into effect as of January 1, 2023.
In a press release, it stated that continuing in the class was deemed unviable as Atrium looks to focus its efforts and capacity into their direct specialty classes.
Additionally, the Underwriter of the Marine Reinsurance account, Andrew Hedges, will stay with the business for the foreseeable future to ensure the satisfactory run-off of the portfolio.
Earlier this year, Atrium entered into a partnership with AI firm, Tautona.
Additionally, in March 2022, Atrium was fined over £1 million for non-financial misconduct, an amount that Lloyd’s said was the largest penalty ever imposed.
