Bermudian-based Enstar Group Ltd said its Lloyd’s syndicate managed by Enstar Managing Agency Ltd has completed the previously announced transaction with Atrium Syndicate 609, managed by Atrium Underwriters Ltd.

Under the terms of the loss portfolio transfer agreement, Atrium Syndicate 609 ceded net-loss reserves of approximately $196 million, based on Atrium’s carried reserves as at Q3 2024, to Enstar’s Syndicate 2008.

The reinsurance relates to business underwritten in the 2023 and prior years of account, with all claims handling transferring to Syndicate 2008.

Completion of the transaction followed the receipt of regulatory approvals and the satisfaction of various other closing conditions.

Enstar is a Nasdaq-listed leading global insurance group that offers innovative capital release solutions through its network of group companies in Bermuda, the United States, Britain, continental Europe, Australia and other international locations.

The firm has acquired more than 120 companies and portfolios since its formation in 2001.