Antares Global has announced the inauguration of a new consortium under its Antares syndicate 1274, focusing on credit and political risk insurance.
This consortium, which is already in the process of evaluating submissions, touts expansive credit risk knowledge and analytical prowess of the firm’s political & financial risk team, with the group surpassing the Lloyd's Market Association’s benchmarks over the past decade.
The consortium has also set its maximum line at an initial $40 million, with Antares leading by contributing a 75% line, while the remaining 25% will be supported by other Lloyd’s carriers.
James Thomas, the class underwriter for Antares’ political & financial risk team, expressed enthusiasm about the consortium's recent accomplishments leading into this new consortium.
“We are very pleased to have successfully launched and closed our first policies under the consortium,” Thomas said. “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.”
Furthermore, Jim Lye, active underwriter at Antares Managing Agency Limited, highlighted the technical complexity and entry barriers of the credit and political risk insurance class.
“Credit and political risk is a highly technical class with high barriers to entry and this is a logical step, building on our market-leading position and established expertise in providing solutions to banks, export credit agencies, multilateral organisations, and corporates. I am extremely pleased to announce the launch of the consortium, which will bring much-needed certainty and significant capacity to our clients amid ongoing geopolitical instability and macroeconomic uncertainty,” Lye said.
Antares notes that the establishment of this consortium also underscores its strategic commitment to expanding its leadership and capabilities in the niche area of credit and political risk insurance.
Earlier this year, the multinational insurance group also announced a major leadership development with the appointment of seasoned actuary Kevin Wenzel as chief financial officer.
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