Enstar Completes Previously Announced Transaction with Atrium Syndicate 609
Enstar Group (Nasdaq: ESGR) has successfully completed its previously announced loss portfolio transfer agreement with Atrium Syndicate 609. Under the transaction, Atrium Syndicate 609 has ceded net loss reserves of approximately $196 million to Enstar's Syndicate 2008, based on Atrium's carried reserves as of Q3 2024.
The reinsurance agreement covers business underwritten in 2023 and prior years of account, with all claims handling responsibilities transferring to Syndicate 2008. The completion follows the receipt of necessary regulatory approvals and fulfillment of various closing conditions.
Enstar Group (Nasdaq: ESGR) ha completato con successo l'accordo di trasferimento del portafoglio perdite precedentemente annunciato con Atrium Syndicate 609. Nell'ambito della transazione, Atrium Syndicate 609 ha ceduto riserve di perdite nette di circa $196 milioni a Syndicate 2008 di Enstar, basato sulle riserve dichiarate di Atrium al Q3 2024.
L'accordo di riassicurazione copre le attività sottoscritte nel 2023 e negli anni precedenti, con tutte le responsabilità di gestione dei sinistri trasferite a Syndicate 2008. Il completamento segue la ricezione delle necessarie approvazioni regolamentari e l'adempimento di varie condizioni di chiusura.
Enstar Group (Nasdaq: ESGR) ha completado con éxito el acuerdo de transferencia de cartera de pérdidas previamente anunciado con Atrium Syndicate 609. En la transacción, Atrium Syndicate 609 ha cedido reservas de pérdidas netas de aproximadamente $196 millones a Syndicate 2008 de Enstar, basado en las reservas reportadas de Atrium a partir del Q3 2024.
El acuerdo de reaseguro cubre negocios suscritos en 2023 y años anteriores, con todas las responsabilidades de manejo de reclamaciones transferidas a Syndicate 2008. La finalización sigue a la recepción de las aprobaciones regulatorias necesarias y al cumplimiento de varias condiciones de cierre.
엔스타 그룹 (Nasdaq: ESGR)은 아트리움 신디케이트 609와의 이전에 발표된 손실 포트폴리오 이전 계약을 성공적으로 완료했습니다. 이번 거래에 따라 아트리움 신디케이트 609는 엔스타의 신디케이트 2008에 약 $196 백만의 순손실 준비금을 양도했습니다. 이는 2024년 3분기 기준 아트리움의 보고된 준비금을 기준으로 합니다.
재보험 계약은 2023년 및 이전 회계 연도에 인수된 비즈니스를 포함하며, 모든 청구 처리 책임이 신디케이트 2008로 이전됩니다. 완료는 필요한 규제 승인 수령과 다양한 종료 조건의 이행 후에 이루어졌습니다.
Enstar Group (Nasdaq: ESGR) a réussi à finaliser l'accord de transfert de portefeuille de pertes précédemment annoncé avec Atrium Syndicate 609. Dans le cadre de la transaction, Atrium Syndicate 609 a cédé des réserves de pertes nettes d'environ $196 millions à Syndicate 2008 d'Enstar, basé sur les réserves déclarées d'Atrium au troisième trimestre 2024.
L'accord de réassurance couvre les affaires souscrites en 2023 et les années précédentes, avec toutes les responsabilités de gestion des sinistres transférées à Syndicate 2008. L'achèvement fait suite à la réception des approbations réglementaires nécessaires et à l'exécution de diverses conditions de clôture.
Enstar Group (Nasdaq: ESGR) hat erfolgreich die zuvor angekündigte Verlustportfoliotransfervereinbarung mit Atrium Syndicate 609 abgeschlossen. Im Rahmen der Transaktion hat Atrium Syndicate 609 Nettoverlustreserven von etwa $196 Millionen an Enstars Syndicate 2008 übertragen, basierend auf den zum Q3 2024 ausgewiesenen Reserven von Atrium.
Die Rückversicherungsvereinbarung deckt Geschäfte ab, die 2023 und in früheren Jahren gezeichnet wurden, wobei alle Verantwortlichkeiten für die Schadensbearbeitung an Syndicate 2008 übertragen werden. Der Abschluss erfolgt nach Erhalt der erforderlichen regulatorischen Genehmigungen und der Erfüllung verschiedener Abschlussbedingungen.
- Acquisition of $196M in loss reserves strengthens Enstar's portfolio
- Expansion of claims handling business through portfolio transfer
- Successfully completed regulatory approval process
- Assumes significant insurance liability risk from Atrium's past business
HAMILTON, Bermuda, March 04, 2025 (GLOBE NEWSWIRE) -- Enstar Group Limited (“Enstar”) (Nasdaq: ESGR) announced today its Lloyd’s syndicate (“Syndicate 2008”), managed by Enstar Managing Agency Limited, has completed the previously announced transaction with Atrium Syndicate 609, managed by Atrium Underwriters Limited.
Under the terms of the loss portfolio transfer agreement, Atrium Syndicate 609 ceded net loss reserves of approximately
Completion of the transaction followed receipt of regulatory approvals and satisfaction of various other closing conditions.
About Enstar
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, the United Kingdom, Continental Europe, Australia, and other international locations. A market leader in completing legacy acquisitions, Enstar has acquired more than 120 companies and portfolios since its formation in 2001. For further information about Enstar, see www.enstargroup.com.
Contact:
For Enstar:
For Investors: Matthew Kirk (investor.relations@enstargroup.com)
For Media: Jenna Kerr (communications@enstargroup.com)
FAQ
What is the value of the loss portfolio transfer between Enstar and Atrium Syndicate 609?
Which years of business are covered under Enstar's loss portfolio transfer with Atrium?
Who will handle claims under the Enstar-Atrium loss portfolio transfer agreement?
What conditions were required for completing the Enstar-Atrium transaction?
