Antares syndicate launches credit & political risks consortium with $40m maximum line

Antares Syndicate 1274, the re/insurance subsidiary in the Lloyd’s market of QIC’s Antares Global, has launched a consortium for the underwriting of credit and political risk insurance.

The consortium, already actively considering submissions, draws on the established credit risk expertise and respected analytical capabilities of Antares’ political & financial risk team.

Initially, the maximum line for the consortium will be $40 million, with Antares leading with a 75% line and the remaining 25% provided by other Lloyd’s carriers.

James Thomas, class underwriter for the Antares political & financial risk team, said: “We are very pleased to have successfully launched and closed our first policies under the consortium.

“This new offering represents an excellent opportunity to leverage our underwriting expertise, particularly in the non-payment insurance space, and we very much look forward to supporting our clients and broking partners with our enhanced underwriting capabilities.”

This consortium, Jim Lye, active underwriter, Antares Managing Agency Limited stated, will “bring much-needed certainty and significant capacity to our clients amid ongoing geopolitical instability and macroeconomic uncertainty.”

On related news, in 2023 Antares Syndicate 1274 saw improved financial results with a 8.1% gross written premiums (GWP) growth, to $600mn, and an improved combined ratio of 89.2%.

According to Antares syndicate, the biggest drivers of growth were its reinsurance classes, followed by marine and energy insurance.

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