New Retail division will back retail lines MGAs, while Syndicate 1274 will form the core of a new Commercial division comprising both Antares Re and the Syndicate.
Antares Global Management Limited has announced a significant restructure of its underwriting operations, aligning all its business units within two streams of operation. The changes are the culmination of two years of reorganisation and investment which have led to impressive financial results for Antares.
The business, which still comprises separate underwriting entities based in Bermuda and London, has unveiled a streamlined underwriting structure, which further aligns underwriting strategy under global CEO, Mike van der Straaten.
Operating across its Bermuda and UK insurance and reinsurance businesses, underwriting will be split into Retail and Commercial divisions. Antares Global will also be launching its own MGA in the coming months, subject to regulatory approval, designed to expand distribution.
Antares’ Retail division will be led by newly appointed Retail CEO Pantelis Koulovasilopoulos, and includes the recently launched UK-based insurer, Antares Insurance Company Limited, which will focus on retail business primarily through established MGAs in the UK.
Antares Retail CEO Pantelis Koulovasilopoulos said: “Building on our existing retail portfolio, we believe that there is a significant opportunity within the MGA sphere in the UK. The Retail business is forecast to write $327m by the end of 2024, rising to $395m by the end of 2025.”
Antares Commercial division will be led by Mark Graham, current CEO of Antares at Lloyd’s, further aligning strategy across Syndicate 1274 and Bermuda-based Antares Re.
Mark Graham, CEO of the Antares Commercial Division, said “The Antares Syndicate goes from strength to strength and, after remediation from 2017 to 2020, has outperformed the Lloyd’s market every year from 2020 onwards. This is a testament to the quality of our whole team and our investments in technology and MI to support the underwriters in identifying opportunities and exploiting them. We have reported a Net Combined Ratio of 87.7% on gross written premiums of $317m, beating targets for both planned profit and NCR.
“By aligning reinsurance and insurance capacity into a single Commercial division, we can work more efficiently with our capital base, improving capital efficiency and offering clients increased flexibility.”
Mike van der Straaten, CEO of Antares Global said “Antares has undergone a successful transition from separate entities to a group of underwriting platforms with aligned strategies, efficient use of capital, and positive results on a large book. This restructure completes our transition to a streamlined business that we are proud to be able to unveil to the market.
“We are excited about our plans for future growth as we maximise underwriting opportunities in both the UK and international markets. I am delighted to be supported by a talented executive and wider leadership team as we embark on the next stage of our journey together.”