Antares posts good results, increases premium base

Antares has revealed positive results for its syndicate 1274 for 2012, despite noting that both the most expensive ever marine loss for insurers and one of the most expensive storm events ever, happened last year.

The managing agency made a £16 million profit and posted a combined ratio of 91%. It also revealed that it has secured approval from Lloyd’s to increase its premium base from £177m to £204m for managed syndicate 1274.

“While we have been fortuitous in that the claims environment was generally benign, we should not forget that 2012 included the most expensive ever marine loss for insurers in the form of Costa Concordia and one of the most expensive storm events ever, in the form of Superstorm Sandy,” said Steve Redmond, managing director of Antares.

“While neither of these events has created an underwriting environment conducive to long term and sustainable rating improvements, I am confident that that the new lines we have added, combined with the areas we have identified for growth in 2013, will ensure the continued profitable growth of Antares in the years to come.”

Antares, which has strategic and financial ties with Japanese company Itochu Corporation, has introduced offshore energy and general aviation as new business classes. Further development of products is anticipated in 2013.