April 3rd, 2025
Antares Group, the UK and Bermuda-based insurer, owned by Qatar Insurance Group, has announced its annual results for 2024.
In 2024 Antares restructured its business into three divisions, Retail, Commercial and Legacy. A new Retail division was launched to back retail lines via MGAs, a new Commercial unit was formed, comprising both Antares Re and Syndicate 1274 commercial business; and a Legacy division set up to manage Antares’ significant run-off portfolio.
Highlights from the overall financial results – the first under the new structure – are:
GWP for Antares’ core ongoing business grew by 54% year on year, to reach $1.1bn USD, boosted by the addition of a large reinsurance deal. Organic growth, with the reinsurance deal excluded, was 15%.
Profits from this core business rose to $150m USD after tax from $136m in the previous year, an increase of 10%, with a COR of 93%.
Antares’ Commercial division, consisting of Lloyd’s Syndicate 1274 and the Antares Reinsurance business in Bermuda, drove this result, with the newly launched Antares Retail division almost reaching break even in its first year of trading.
Natural catastrophe experience over the year was relatively light with a $17m impact from the two hurricanes Milton and Helene, along with Antares’ $22m exposure to one of the largest marine losses in history, the Baltimore Bridge collapse.
The non-core legacy parts of the business suffered a loss after tax of $62m USD as Antares continued to strengthen reserves on specific historic books of business and run off portfolios. This was a significant improvement on the $140m loss from the previous year as premiums on this business reduced from $880m to just $74m, putting Antares in a more robust position as it continues to close out its run-off and legacy portfolios.
The Group’s S&P A- Stable rating has been recently reaffirmed.
The Antares group has also taken a strategic decision to invest further in developing next generation talent, including creating a school leavers programme after two successful graduate intakes. The developments of this during the past year included:
Launching this year, Antares’ first-ever School Leaver Program, creating accessible pathways for diverse young talent and nurturing early-career growth within Antares and the insurance sector.
Continuing active participation in the London Market Group’s Futures programme, extending industry reach to schools, raising awareness about insurance careers, and proactively building a diverse talent pipeline for the future.
Engaging in initiatives to attract women into the insurance industry by fostering relationships with universities and participating in graduate and targeted STEM (Science, Technology, Engineering, Mathematics) career events.
Establishing a strategic partnership with Equity City, a network and recruitment company dedicated to addressing diversity in the insurance industry and the City. This partnership is already strengthening our ability to attract diverse talent and actively break down recruitment barriers.
Partnering with Thrive4Life, an employee-focused health and wellbeing provider, empowering our employees to proactively manage their wellbeing and supporting them to thrive both personally and professionally.
Mike van der Straaten, CEO of Antares Group commented: “Our financial results demonstrate the strength of our underwriting capability and focus that the new Commercial, Retail and Legacy divisions are bringing. I am delighted both with the strong performance of our already established Commercial business, including Syndicate 1274; and with the Retail business’s rapid progress towards a break-even position in its first year of operation. In the coming year we will look to continue to invest to streamline our cost base, as well as selectively grow our underwriting exposure to take advantage of opportunities that we see in what remains a reasonably strong market for underwriting.”
Note on wildfire reserving
2025 has started with a significant natural catastrophe in the form of the California wildfire. The market loss is yet to fully crystalise but is certainly several multiples of the previous highest wildfire loss, reflecting the increasingly volatile risk conditions in which our business operates. Antares have provisionally reserved $75m in respect of the wildfire.
Mark Graham, CEO of the Antares Commercial Division, commented: “The wildfires in California impacted thousands of people and we have been proactive in settling all valid claims to support our customers at their time of need. The financial results of these losses have been felt across the market, and we have been careful to take an early prudent view on the potential claims.”