Enstar agrees $196m LPT with Atrium for discontinued portfolios

Legacy specialist Enstar Group Limited’s Lloyd’s Syndicate 2008 has agreed a $196 million ground-up loss portfolio transfer (LPT) with Atrium Syndicate 609, relating to business underwritten in the 2023 and prior years of account.

This LPT transaction involves Atrium Syndicate 609’s discontinued portfolios, comprised of marine treaty reinsurance, property treaty reinsurance, and US contractors general liability.

Under the terms of the agreement, Syndicate 609, managed by Atrium Underwriters Limited, will cede net loss reserves of around $196 million, based on Atrium’s carried reserves as at Q3 2024, to Enstar’s Syndicate 2008, which is managed by Enstar Managing Agency Limited.

The transaction, which sees all claims handling transfer to Syndicate 2008, is expected to close in the first quarter of this year and remains subject to the 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. This transaction allows us to apply our specialist claims handling capabilities and bespoke solution approach to a portfolio in the Lloyd’s marketplace,” said Dominic Silvester, Enstar Chief Executive Officer (CEO).

John Fowle, Atrium’s CEO, commented: “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.”

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