Reinsurance paves the way for syndicate’s record profit
Reinsurance paves the way for syndicate’s record profit | Insurance Business Canada
Reinsurance
Reinsurance paves the way for syndicate’s record profit
Company primed for further growth
Reinsurance
By
Kenneth Araullo
Antares Global has disclosed the 2023 performance figures for Antares Syndicate 1274 – with reinsurance leading growth for the business.
The company reported a gross written premium (GWP) of $600 million, marking an 8.1% increase from the previous year’s $555 million. The growth was primarily fueled by expansions in its reinsurance sectors, in addition to contributions from the marine and energy insurance segments.
The firm also experienced an improvement in its combined ratio, which decreased by 13.7% to 89.2% compared to 102.8% in the preceding year. This, Antares explained, could be attributed to a period of relatively low natural disaster occurrences. However, this was slightly counterbalanced by a modest increase in reserve allocations for casualty classes.
As for the holding firm, Antares Global achieved a pre-tax profit of $106 million on a UK GAAP basis, a significant turnaround from the $54 million pre-tax loss reported in 2022. Additionally, the company saw a $49 million return on investments, reversing a $35 million loss from the year before.
Its net loss ratio saw an improvement of 15.9%, settling at 54.2% compared to 70% in 2022.
Jim Lye, active underwriter of Antares Managing Agency Limited, shared insights into the company’s strategic focus and achievements over the past year.
“At the start of 2023, we pinpointed the classes that presented the best prospects for profitable expansion,” Lye said. “Our success in growing these target areas is a testament to the hard work of our teams across the company and the impact of various performance enhancement measures. The improvement in the loss ratio by 15.9%, combined ratio to 89.2%, and a profit surge to $106 million represent unprecedented achievements for our company.”
“With the market conditions looking favorable, we aim to pursue further growth across our operations this year, coupled with ongoing investments in top-tier talent,” Lye said.
Earlier this year, the insurance group also announced a major leadership shakeup as seasoned actuary Kevin Wenzel took on the role of chief financial officer.
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