Enstar Group’s Lloyd’s Syndicate 2008 has announced a loss portfolio transfer (LPT) with Atrium Syndicate 609, managed by Atrium Underwriters.
This move includes the transfer of net loss reserves from Atrium’s discontinued portfolios, including marine reinsurance, title treaty reinsurance and U.S. contractor general liability.
Syndicate 2008 is managed by Enstar Managing Agency.
Atrium’s Syndicate 609 consists of 14 underwriting class teams, each led by market professionals.
It offers insurance and reinsurance activities both through facilities and on a facultative basis.
Under the agreement, Atrium Syndicate 609 will relinquish net loss reserves of nearly $196 million, based on third quarter 2024 (Q3 2024) reserves, to Enstar’s Syndicate 2008.
The reserves relate to activities subscribed to in reporting years 2023 and previous years, with Syndicate 2008 taking over all responsibilities for claims handling.
Completion of this transaction is expected in the first quarter of 2025, pending regulatory approvals and the satisfaction of other standard closing conditions.
Dominic Silvester, CEO of Enstar, said: “We are pleased to be delivering an existing solution for the Atrium team, with whom we have a strong relationship and partnership. This transaction allows us to apply our specialist claims handling capabilities and tailored solutions approach to a portfolio in the Lloyd’s market.”
Last month, Enstar Group reached an LPT reinsurance agreement with AXIS Capital, assuming $2.3 billion in reinsurance segment reserves.
This step supports AXIS’ shift to a specialized insurer.
Enstar operates a global network of group companies offering capital release solutions in various locations including Bermuda, the US, the UK, Continental Europe and Australia.
“Enstar’s Syndicate 2008 Settles Loss Portfolio Transfer Deal with Atrium” was originally created and published by Life Insurance International, a brand owned by GlobalData.
The information on this site has been included in good faith for general information purposes only. It is not intended to amount to advice on which reliance should be placed and we make no representation, warranty or guarantee, express or implied, as to its accuracy or completeness. You must obtain professional or specialist advice before taking or refraining from any action on the basis of the content on our site.
