Syndicate 2008 is managed by Enstar Managing Agency. Credit: MacroEcon/Shutterstock.

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

This move involves the transfer of net loss reserves from Atrium’s discontinued portfolios, which include marine treaty reinsurance, property treaty reinsurance and US contractors general liability. 

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Syndicate 2008 is managed by Enstar Managing Agency. 

Atrium’s Syndicate 609 comprises 14 underwriting class teams, each spearheaded by market professionals.  

It offers insurance and reinsurance business, both through facilities and on a facultative basis. 

Under the agreement, Atrium Syndicate 609 will cede net loss reserves of nearly $196m, based on the reserves carried in the third quarter of 2024 (Q3 2024), to Enstar’s Syndicate 2008.  

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The reserves pertain to business underwritten in the 2023 and prior years of account, with Syndicate 2008 taking over all claims-handling responsibilities. 

The completion of this transaction is expected in Q1 2025, pending regulatory approvals and the fulfilment of other standard closing conditions.  

Enstar CEO Dominic Silvester said: “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.” 

Last month, Enstar Group reached a LPT reinsurance agreement with AXIS Capital, assuming $2.3bn of reinsurance segment reserves.  

This move supports AXIS’ shift towards becoming a specialty underwriter. 

Enstar operates a global network of group companies offering capital release solutions across various locations including Bermuda, the US, the UK, Continental Europe and Australia.