By Michael Jones

March 10 - (The Insurer) - Atrium Syndicate 609 has reported a full-year combined ratio of 99.5% for 2024 and upped its ultimate gross reserves in association with Russia-Ukraine lessor claims to 393.4 million pounds ($508.06 million).

• Total comprehensive income down 21.2%

• Gross written premiums up 3.2% to 1.03 billion pounds

• Aviation lessor and casualty reserve increases

The 99.5% combined ratio was a 2.7 percentage point deterioration on the prior year, while the syndicate’s loss ratio of 57.5% was a 1.9% increase on 2023’s figure.

Total comprehensive income decreased 21.2% year on year to 62 million pounds.

The syndicate reported gross written premiums of 1.03 billion pounds, up 3.2% from 2023’s 971.6 million pounds.

Atrium disclosed further reserving for its exposure to ongoing Russia-Ukraine lessor claims.

The syndicate upped its ultimate gross loss reserves to 393.4 million pounds as of December 31 2024, equivalent to 113.8 million pounds net of reinsurance. This was an increase from the ultimate gross reserves of 264.5 million pounds as at December 31, 2023, which reduced to 84.5 million pounds net of reinsurance.

The net loss reserve is split 3% to the 2020 year of account, 88% to the 2021 YoA and 9% to the 2022 YoA.

Earlier this month Atrium said it had kept Syndicate 609’s 2021 YoA open due unresolved factors that resulted in too many variations to the reserves it has already booked.

Syndicate 609 also added gross reserves of 52.7 million pounds in its casualty business following adverse development in association with Florida construction defect claims. This brings total overall gross reserves to 132 million pounds.

Atrium estimated its gross exposure to the Baltimore bridge collapse at 64.1 million pounds, with net exposure of 7.3 million pounds.

Gross and net losses from hurricanes Milton and Helene were 29 million pounds and 10 million pounds, respectively. Atrium also disclosed that the net impact of January’s loss portfolio transfer with Enstar was a profit of 2.3 million pounds.