Enstar Legacy Syndicate 2008 Agrees $196m LPT Deal with Atrium Syndicate 609

Transaction Overview - Enstar Group Limited's Lloyd's syndicate (Syndicate 2008) has agreed to a ground-up loss portfolio transfer (LPT) with Atrium Syndicate 609, involving discontinued portfolios including Marine Treaty Reinsurance, Property Treaty Reinsurance, and US Contractors General Liability [1] - The transaction involves Atrium Syndicate 609 ceding net loss reserves of approximately $196 million to Enstar's Syndicate 2008, based on Atrium's carried reserves as of Q3 2024 [2] - The reinsurance covers business underwritten in 2023 and prior years, with all claims handling transferring to Syndicate 2008 [2] - The transaction is expected to complete in Q1 2025, pending regulatory approvals and customary closing conditions [2] Strategic Implications - The transaction allows Enstar to apply its specialist claims handling capabilities and bespoke solution approach to a portfolio in the Lloyd's marketplace [3] - Enstar maintains a strong relationship and partnership with Atrium, highlighting the company's focus on legacy solutions and strategic collaborations [3] Company Background - Enstar is a NASDAQ-listed global insurance group offering innovative capital release solutions through its network of companies in Bermuda, the US, the UK, Continental Europe, Australia, and other international locations [3] - Since its formation in 2001, Enstar has acquired over 120 companies and portfolios, establishing itself as a market leader in legacy acquisitions [3]