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.”