Antares to shut down Lloyd’s China operation after 'strategic review'
Antares, a Lloyd's Managing Agency and member of the QIC Group, has placed Syndicate 1274’s Lloyd’s China operation into run-off following a "strategic review" of its operations and evaluating the book to deliver adequate returns on capital.
Antares will cease accepting new/renewal business through the Lloyd’s China platform from March 1, after which the Chinese business will be written out of Antares Singapore.
All existing policies will continue to provide cover on existing terms and conditions until natural expiry, it said. Antares Asia, operating from Lloyd’s Singapore, will continue to underwrite as normal and maintain its current risk appetite.
Li Shan Yeo, CEO of Antares Asia, said: “Antares Asia is focussed on delivering expert, tailored solutions for specialist lines in the region. We continue to evaluate our book in real time and ameliorate our portfolio to deliver adequate returns on our capital. Our expert Singapore team provide world-class underwriting services and our clients in China will continue to have access to our market-leading specialist insurance and reinsurance solutions through Lloyd’s Asia. All existing policies written by Antares Underwriting Division of Lloyd’s China remain in force and a team to manage our run-off book is in place for all claims and enquiries.”
Mark Graham, CEO of Antares, added: “Antares has a long-term commitment to the Asia Pacific region, and we continue to support our partners through our Singapore platform. We are in the final stages of our strategic review of operations, whose sole aim is to place our business on a secure and profitable footing for the future.
"This announcement today is a consequence of that review. I would like to thank Li Shan and the team at Antares Asia and look forward to working with them to provide underwriting services in Asia for many years to come.”
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