Antares Global, the multinational group of insurance and related service companies, today announces that Antares syndicate 1274 has launched a consortium for the underwriting of credit and political risk insurance.
The consortium, already actively considering submissions, draws on the established credit risk expertise and respected analytical capabilities of Antares’ leading political & financial risk team, which over the last 10 years has significantly outperformed the Lloyd’s Market Association’s benchmarks. The maximum line for the consortium will initially be $40m. Antares will lead with a 75% line with the remaining 25% provided by other Lloyd’s carriers.
James Thomas, class underwriter for the Antares political & financial risk team, said: “We are very pleased to have successfully launched and closed our first polices under the consortium. 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.”
Jim Lye, active underwriter, Antares Managing Agency Limited, said: “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.”