Antares syndicate reports record profit

Antares syndicate reports record profit 150 150 Haggie Partners

Antares Global, the multinational group of insurance and related service companies, today announces the 2023 results of Antares Syndicate 1274.

  • GWP increased by 8.1% to $600m (2022: $555m), with the biggest drivers of growth being its reinsurance classes, followed by marine and energy insurance
  • Combined ratio improved by 13.7% to 89.2% (2022: 102.8%), with low natural catastrophe activity being partially offset by modest reserve strengthening on casualty classes
  • $106m pre-tax profit on UK GAAP basis (2022: $54m pre-tax loss)
  • $49m investment return (2022: $35mn loss)
  • Net loss ratio improved by 15.9% to 54.2% (2022: 70%)

Jim Lye, Active Underwriter, Antares Managing Agency Limited, 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.”