Enstar Group Ltd, the Bermudian-based insurer, has announced that its Lloyd’s Syndicate 2008, managed by Enstar Managing Agency Ltd, has agreed a ground-up loss portfolio transfer with Atrium Syndicate 609, managed by Atrium Underwriters Ltd.

The company said the transaction involves Syndicate 609’s discontinued portfolios, comprising marine treaty reinsurance, property treaty reinsurance and US contractors general liability.

Under the terms of the LPT, Atrium Syndicate 609 will cede 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.

The transaction is expected to complete in the first quarter of the year upon receipt of regulatory approvals and satisfaction of other customary closing conditions.

Dominic Silvester, Enstar chief executive, 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.”