Antares Syndicate 1274 at Lloyd’s has reported a UK GAAP profit of $41 million for the first half of 2024.
The syndicate recorded a net combined ratio (NCR) of 87.7% on gross written premiums (GWP) of $317 million during this period.
Active underwriter Jim Lye (pictured above) noted that the syndicate exceeded its targets for both planned profit and NCR. He attributed the positive results to better-than-expected performance in marine and other short-tail classes, coupled with low catastrophe activity.
Lye also mentioned that the syndicate strengthened its reserves in casualty classes, particularly in excess casualty.
Earlier this year, Antares Syndicate 1274 reported an 8.1% growth in GWP for 2023, reaching $600 million compared to $555 million in 2022. The reinsurance classes were the primary drivers of growth, followed by marine and energy insurance.
The combined ratio improved by 13.7%, down from 102% the previous year, driven in part by low natural catastrophe activity, though partially offset by modest reserve strengthening in casualty classes.
In 2023, the syndicate saw a significant turnaround in pre-tax profit on a UK GAAP basis, reporting a profit of $106 million, compared to a pre-tax loss of $54 million in 2022. The investment return also improved, with $49 million compared to a $35 million loss the previous year. The net loss ratio improved to 54.2% from 70% in 2022.
Antares Syndicate 1274 writes a variety of property, casualty, marine, and specialty insurance and reinsurance products. The syndicate was officially launched in April, with a maximum line of $40 million, where Antares contributed 75%, with the remaining 25% supported by other Lloyd’s carriers.
This consortium, currently evaluating submissions, leverages the extensive credit risk knowledge and analytical expertise of Antares’ political and financial risk team, which has consistently surpassed Lloyd's Market Association benchmarks over the past decade.
In related developments, Antares Global, the parent company of the syndicate, appointed Kevin Wenzel as chief financial officer earlier this year. Wenzel, a seasoned actuary with over 30 years of experience, previously served as deputy CFO at Allianz Holdings Plc and has held senior finance roles at LV= General Insurance.
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