Enstar Group Ltd., the Bermuda-based legacy acquisition specialist, introduced its Lloyd’s syndicate has agreed a ground-up loss portfolio switch (LPT) with Atrium Syndicate 609, managed by Atrium Underwriters Ltd.
The transaction entails Syndicate 609’s discontinued portfolios, comprising marine treaty reinsurance, property treaty reinsurance and US contractors normal legal responsibility.
Underneath the phrases of the LPT, Atrium Syndicate 609 will cede web loss reserves of roughly $196 million, based mostly on Atrium’s carried reserves as at Q3 2024, to Enstar’s Syndicate 2008, which is managed by Enstar Managing Company Ltd.
The reinsurance pertains to enterprise underwritten within the 2023 and prior years of account, with all claims dealing with transferring to Syndicate 2008.
The transaction is predicted to finish within the first quarter of 2025 upon receipt of regulatory approvals and satisfaction of different customary closing circumstances.
“We’re happy to ship a legacy answer for the Atrium group, with whom we preserve a robust relationship and partnership,” commented Dominic Silvester, Enstar chief govt officer, in a press release. “This transaction permits us to use our specialist claims dealing with capabilities and bespoke answer method to a portfolio within the Lloyd’s market.”
About Enstar
Enstar gives capital launch options by way of its community of group firms in Bermuda, america, the UK, Continental Europe, Australia, and different worldwide places. Enstar has acquired greater than 120 firms and portfolios since its formation in 2001.
Supply: Enstar Group
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