Enstar Finalizes Transaction with Atrium Syndicate 609
Enstar has announced the successful completion of its strategic transaction involving its Lloyd’s syndicate, Syndicate 2008, managed by Enstar Managing Agency Limited. This move aligns with Atrium Syndicate 609, managed by Atrium Underwriters Limited.
Under the terms of this significant Loss Portfolio Transfer (LPT) agreement, Atrium Syndicate 609 has ceded net loss reserves amounting to approximately $196 million to Enstar’s Syndicate 2008. This reinsurance pertains to business underwritten in 2023 and the years preceding it, with all claims handling responsibilities transitioning to Syndicate 2008.
The transaction reached completion following the acquisition of necessary regulatory approvals and the fulfillment of various other conditions required at closing.
Upon the initial announcement, Dominic Silvester, CEO of Enstar, expressed, “We are delighted to offer a bespoke legacy solution for the Atrium team, with whom we have maintained a robust relationship and partnership. This transaction enables us to leverage our specialized claims handling expertise within the Lloyd’s marketplace.”
John Fowle, CEO of Atrium, commented, “We are thrilled to collaborate with our esteemed colleagues at Enstar to address legacy business. This agreement reinforces Atrium’s capacity to continuously deliver tailored solutions to our brokers and clients in our areas of expertise. We extend our appreciation to Enstar for their support and convey our thanks to Gallagher Re and Willkie for their counsel.”
