Lloyd's syndicate closes shop in Singapore
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Atrium Syndicate 609 on Tuesday said that it will no longer write new business on its Singapore platform.
All existing Atrium policies will remain valid, and business will be conducted through its London office, Atrium said in a statement.
The business written in Singapore, concentrating on marine, aviation, energy and terrorism lines, represents less than 2% of Atrium’s annual worldwide premium income, according to the statement.
“We are incredibly proud of the achievements of our Singapore office over the last eight years,” Richard Harries, CEO of Atrium Underwriting Group Ltd., said in the statement. “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.”
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