Reinsurance leads growth as Antares Syndicate hits record profit

Antares Syndicate 1274, the Lloyd’s insurance arm of Qatar Insurance Company-owned Antares Global, has reported its highest-ever profit along with a 13.7% improvement in its combined ratio, driven by growth across all targeted lines of business, primarily reinsurance classes.

In 2023, the syndicate achieved a pre-tax profit of $106 million, compared with a pre-tax loss of $54 million in the previous year. Gross written premiums (GWP) rose by 8.1% to $600 million, compared to $555 million in 2022. 

Antares said the biggest drivers of growth were its reinsurance classes, followed by marine and energy insurance.

Combined ratio improved by 13.7% to 89.2%, with low natural catastrophe activity being partially offset by modest reserve strengthening on casualty classes.

Additionally, the company realised a $49 million investment return, from a $35 million loss in 2022. The net loss ratio also saw improvement of 15.9% to 54.2%, compared to 70% in 2022. 

Jim Lye (pictured), active underwriter, Antares Managing Agency, said: “At the start of 2023 we identified those classes where we saw the greatest opportunity for profitable growth. We succeeded in growing in all target areas and these results reflect a concerted effort by our teams across the business and the effectiveness of several performance-improvement initiatives. I am particularly pleased with the 15.9% loss ratio improvement, the 13.7% combined ratio improvement to 89.2% and the increase in profit to $106m – the best figures in our company’s history. Market conditions remain positive and we intend further growth this year across our business, along with further investment in market-leading talent.”  

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