Atrium Insurance Agency (ASIA) Pte Ltd: Press Announcement
Atrium Insurance Agency (ASIA) Pte Ltd
Atrium Syndicate 609 has announced today 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 remain valid and Atrium is well capitalised to meet all claims. Our immediate priority is to our personnel, clients and brokers and to ensure all decisions taken are in their best interests.
Richard Harries comments
"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.”
Additional facts, Atrium Singapore;
Atrium opened its Singapore office in 2009, concentrating on Marine, Aviation, Energy and Terrorism.
On a rolling basis the aggregated combined ratio is 98% through to the 2015 year end.
The business written in Singapore represents less than 2% of Atrium’s annual worldwide premium income.
19 July 2016
Mark Hollingworth, Chief Executive Officer, Atrium Singapore – +65 6435 2171
Richard Harries, Chief Executive Officer, Atrium Underwriting Group Ltd – +44 (0) 20 7327 4877
James Lee, Chief Operating Officer, Atrium Underwriting Group Ltd - +44 (0) 20 7327 4877