Enstar has revealed that its Lloyd’s syndicate (Syndicate 2008), managed by Enstar Managing Agency Limited, has completed the previously announced transaction with Atrium Syndicate 609, managed by Atrium Underwriters Limited.
Under the terms of the loss portfolio transfer (LPT) agreement, Atrium Syndicate 609 reportedly ceded net loss reserves of approximately $196 million to Enstar’s Syndicate 2008. The reinsurance relates to business underwritten in 2023 and prior years of account, with all claims handling transferring to Syndicate 2008.
Enstar noted that the transaction was completed after regulatory approvals and the satisfaction of various other closing conditions.
Back when it was first announced, Dominic Silvester, Enstar CEO, commented, “We are pleased to deliver a legacy solution for the Atrium team, with whom we maintain a strong relationship and partnership. This transaction allows us to apply our specialist claims handling capabilities and bespoke solution approach to a portfolio in the Lloyd’s marketplace.”
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.”
