Antares syndicate reports H1’24 profit of $41m

Antares Syndicate 1274, the re/insurance subsidiary in the Lloyd’s market of QIC’s Antares Global, has disclosed a positive H1 2024 result, with a UK GAAP profit of $41 million.

During the first half of 2024, the syndicate recorded a net combined ratio of 87.7% and gross written premiums of $317 million.

Jim Lye, an active underwriter, emphasised that the syndicate had beaten its targets for both planned profit and NCR.

Lye stated: “We saw better than expected performance in our Marine and other short-tail classes. This combined with benign cat experience led to these strong results.

“In addition, we were able to strengthen our reserves in Casualty classes, particularly Excess Casualty.”

Antares 1274 writes a range of property, casualty, marine, and specialty insurance and reinsurance products. In April 2024, the firm launched a consortium for the underwriting of credit and political risk insurance.

This website states: The content on this site is sourced from the internet. If there is any infringement, please contact us and we will handle it promptly.