Antares Syndicate 1274, the re/insurance subsidiary in the Lloyd’s market of QIC’s Antares Global, has seen improved financial results in 2023 with a 8.1% gross written premiums (GWP) growth and an improved combined ratio of 89.2%.
This year, the company saw GWP of $600mn, compared to the $555mn reported in 2022, with the biggest drivers of growth being its reinsurance classes, followed by marine and energy insurance.
Combined ratio improved 13.7%, from the 102% reported the year prior, with low natural catastrophe activity being partially offset by modest reserve strengthening on casualty classes.
Antares Syndicate 1274 also saw an improvement in pre-tax profit on UK GAAP basis in 2023, from $54mn pre-tax loss in 2022 to $106mn. Investment return was $49m, compared to a $35mn loss the year prior, net loss ratio improved to 54.2% from 70% in 2022.
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.”
