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Enstar’s Syndicate 2008 finalizes loss portfolio transfer deal with Atrium Syndicate 609

Enstar’s Syndicate 2008 finalizes loss portfolio transfer deal with Atrium Syndicate 609

Enstar Group’s Syndicate 2008 has entered a loss portfolio transfer (LPT) agreement with Atrium Syndicate 609, managed by Atrium Underwriters.

The deal involves the transfer of net loss reserves from Atrium’s discontinued lines, including marine treaty reinsurance, property treaty reinsurance, and US contractors’ general liability.

Under the agreement, Atrium Syndicate 609 will cede approximately $196 mn in net loss reserves based on Q3 2024 figures. These reserves relate to policies written in 2023 and prior underwriting years. Enstar’s Syndicate 2008 will assume full claims-handling responsibilities for the transferred portfolios.

The transaction is expected to close in Q1 2025, pending regulatory approvals and other standard conditions.

Atrium Syndicate 609 operates with 14 underwriting teams, offering both insurance and reinsurance through facilities and on a facultative basis.

Enstar CEO Dominic Silvester stated: “This transaction strengthens our relationship with Atrium and allows us to deploy our specialized claims management expertise within the Lloyd’s market.”

Syndicate 2008 is managed by Enstar Managing Agency. Enstar is a NASDAQ-listed leading global insurance group that offers innovative capital release solutions through its network of group companies in Bermuda, the United States, the United Kingdom, Continental Europe, Australia, and other international locations. A market leader in completing legacy acquisitions, Enstar has acquired more than 120 companies and portfolios since its formation in 2001.