Antares strengthens historic ties with Itochu Corporation
Lloyd’s managing agency Antares has said that its recent tie up whereby Itochu Corporation has invested in Antares Syndicate 1274 has come on the back of strong historical trading links with the Japanese trading company, which has said this deal expands its existing insurance activity.
Stephen Redmond, chief executive of Antares Managing Agency, told Intelligent Insurer that Antares has had a trading relationship with some members of the Itochu Group, whose origins can be traced to 1858, for a number of years. This deal furthers and deepens that relationship.
“Their financial strength, distribution base and network of associated businesses make them an ideal partner for Antares as we look to meet our future insurance and reinsurance targets,” Redmond said. “We look forward to further developing the relationship with Itochu Corporation in 2013 and beyond.”
Syndicate 1274 has gross income of £200 million planned for 2013. As part of the arrangement, Itochu will second an individual to work in the Antares London office from the spring of 2013.
It hopes to help Antares access new underwriting business, especially in fast developing countries in Asia.
“Our investment in Antares marks an important strategic step for Itochu Corporation as it expands its insurance activity. We have been impressed with the significant underwriting talent at Antares, with their extremely strong technical capability and with the company’s growth ambitions. We look forward to a long term and mutually beneficial relationship,” Itochu said in a statement.
