Antares reports GWP growth of 54% to $1.1bn in 2024

Qatar Insurance Group’s UK and Bermuda-domiciled insurance subsidiary, Antares Group, recorded 54% year-on-year growth in gross written premiums (GWP) for 2024 in its core ongoing business to $1.1 billion, boosted by the addition of a sizeable reinsurance transaction.

Organic premium growth, so excluding the reinsurance deal, was 15%.

During 2024, profits from the core business rose to $150 million, after tax, a 10% increase from 2023’s $136 million, with a combined ratio of 93%.

Antares’ commercial division and the Antares reinsurance business in Bermuda drove this result, with the newly launched Antares Retail division almost breaking even in its first year of trading.

In 2024, Antares restructured its business into three divisions: Retail, Commercial, and Legacy. The new retail division was launched to back retail lines via MGAs, while the commercial unit comprises both Antares Re and Syndicate 1274 commercial business, and the legacy division was set up to manage Antares’ significant run-off portfolio.

Hurricanes Milton and Helene in the US drove natural catastrophe losses of $17 million for the insurer, while Antares’ $22 million exposure to one of the largest marine losses in history, the Baltimore Bridge collapse, also contributed to what the firm describes as a “relatively light” nat cat experience during the year.

Meanwhile, the non-core legacy parts of the business reported a loss after tax of $62 million in 2024, as Antares continued to strengthen reserves on specific historic books of business and run-off portfolios.

This segment saw a significant improvement on the $140 million loss from 2023 as premiums on this business reduced from $880 million to just $74 million, putting Antares in a better position as it continues to close out its run-off and legacy portfolios, explained the firm.

Mike van der Straaten, Chief Executive Officer (CEO), Antares Group, commented, “Our financial results demonstrate the strength of our underwriting capability and focus that the new Commercial, Retail and Legacy divisions are bringing. I am delighted both with the strong performance of our already established Commercial business, including Syndicate 1274; and with the Retail business’s rapid progress towards a break-even position in its first year of operation. In the coming year we will look to continue to invest to streamline our cost base, as well as selectively grow our underwriting exposure to take advantage of opportunities that we see in what remains a reasonably strong market for underwriting.”

Today, the company also confirmed that it has provisionally reserved $75 million for the California wildfires in 2025. Antares explained, “The market loss is yet to fully crystalise but is certainly several multiples of the previous highest wildfire loss, reflecting the increasingly volatile risk conditions in which our business operates.”

Mark Graham, CEO, Antares Commercial Division, added, “The wildfires in California impacted thousands of people and we have been proactive in settling all valid claims to support our customers at their time of need. The financial results of these losses have been felt across the market, and we have been careful to take an early prudent view on the potential claims.” Finally, the group’s S&P A- Stable rating has also been recently reaffirmed.

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