Lloyd’s syndicate Atrium is pulling out of the market’s Singapore platform after deciding the business is unlikely to meet growth expectations.

Atrium Syndicate 609 said last week it will not accept new business on the platform. All current policies will remain valid, and it says it is well capitalised to meet all claims.

“We are incredibly proud of the achievements of our Singapore office over the past eight years,” Atrium Underwriting Group CEO Richard Harries said.

“We have built an operation that has been profitable and operated with utmost professionalism.

“However, we cannot see the operation growing to the size we had previously envisaged given the specialty lines Atrium Singapore concentrates in. Hence our decision to regrettably cease underwriting from the platform.”

The Atrium Singapore office opened in 2009, concentrating on marine, aviation, energy and terrorism. On a rolling basis the aggregated combined operating ratio was 98% through to last year’s end, but business written in Singapore represented less than 2% of Atrium’s annual worldwide premium income.

Discussions are under way with Lloyd’s and the Monetary Authority of Singapore to ensure high standards as the business is run off, the company says.

“Atrium remains committed to the Asian region,” Mr Harries said. “This business will now be conducted through its London office.”