Antares Group, the UK and Bermuda-based insurer owned by Qatar Insurance Group, has reported a 10% increase in post-tax profit, reaching $150 million for 2024, marking a positive performance following the company’s business restructuring.
The restructuring, which aimed to streamline operations and improve focus, saw gross written premium (GWP) rise by 54% year-on-year to $1.1 billion, driven largely by a significant reinsurance deal. Excluding this deal, organic growth stood at 15%. The combined operating ratio (COR) for the year was 93%.
The commercial division, which includes Lloyd’s Syndicate 1274 and Antares Re in Bermuda, was the primary driver of growth. The newly launched retail division, focused on supporting retail lines through MGAs, came close to breakeven in its first year of operation. Meanwhile, Antares’ legacy division, which manages the company’s run-off portfolios, recorded a post-tax loss of $62 million, although this marked a significant improvement compared to the $140 million loss in 2023.
Natural catastrophe losses were relatively contained, with Antares reporting a $17 million impact from hurricanes Milton and Helene, as well as a $22 million exposure to the Baltimore Bridge collapse.
The company’s S&P A- (Stable) rating was also reaffirmed, reflecting its financial strength and stability. Looking ahead, Antares has made a provisional reserve of $75 million for the California wildfires that occurred in early 2025. The company has stated it is taking a cautious approach to reserving given the increasing volatility in natural catastrophe risks.
Antares has also placed a strong emphasis on workforce development. In 2024, the company launched its first School Leaver Programme, aimed at attracting young talent to the insurance industry. The company also continued its participation in the London Market Group’s Futures programme and formed a strategic partnership with Equity City to enhance diversity and inclusion in recruitment.
