Atrium closes business

Atrium Syndicate 609 has announced that it will no longer accept any new business to be written on its Singapore Platform.

Atrium are in discussions with Lloyd’s in both Singapore and London and with the Monetary Authority of Singapore (MAS) in order to guarantee the business is run off to the highest standards for which Atrium is renowned. All existing policies will remain valid and Atrium is well capitalised to meet all claims, stated a press release. Richard Harries, CEO, commented: “We are incredibly proud of the achievements of our Singapore office over the last 8 years. We have built an operation that has been profitable and operated with utmost professionalism. However we cannot see the operation growing to the size that we had previously envisaged given the specialty lines that Atrium Singapore concentrates in, hence our decision to regrettably cease Underwriting from the platform.

This decision will not impact existing policies, which we will continue to service to the high standards that Atrium is known for around the world.

Atrium remains committed to the Asian region, this business will now be conducted through its London office.”

Atrium opened its Singapore office in 2009, concentrating on Marine, Aviation, Energy and Terrorism. The business written in Singapore represents less than 2% of Atrium’s annual worldwide premium income.