Enstar Group Ltd., the Bermuda-based legacy acquisition specialist, announced its Lloyd’s syndicate has agreed a ground-up loss portfolio transfer (LPT) with Atrium Syndicate 609, managed by Atrium Underwriters Ltd.
The transaction involves Syndicate 609’s discontinued portfolios, comprising marine treaty reinsurance, property treaty reinsurance and US contractors general liability.
Under the terms of the LPT, Atrium Syndicate 609 will cede net loss reserves of approximately $196 million, based on Atrium’s carried reserves as at Q3 2024, to Enstar’s Syndicate 2008, which is managed by Enstar Managing Agency Ltd.
The reinsurance relates to business underwritten in the 2023 and prior years of account, with all claims handling transferring to Syndicate 2008.
The transaction is expected to complete in the first quarter of 2025 upon receipt of regulatory approvals and satisfaction of other customary closing conditions.
“We are pleased to deliver a legacy solution for the Atrium team, with whom we maintain a strong relationship and partnership,” commented Dominic Silvester, Enstar chief executive officer, in a statement. “This transaction allows us to apply our specialist claims handling capabilities and bespoke solution approach to a portfolio in the Lloyd’s marketplace.”
About Enstar
Enstar offers capital release solutions through its network of group companies in Bermuda, the United States, the United Kingdom, Continental Europe, Australia, and other international locations. Enstar has acquired more than 120 companies and portfolios since its formation in 2001.
Source: Enstar Group
Topics Profit Loss
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