Antares Global Management has confirmed the details of its underwriting operations restructure, as it splits all its business units across a retail division and a commercial division.
The new retail division will be led by newly appointed CEO Pantelis Koulovasilopoulos. This division includes the recently launched UK-based insurer, Antares Insurance Company, which will focus on retail business primarily through established MGAs in the UK.
“Building on our existing retail portfolio, we believe that there is a significant opportunity within the MGA sphere in the UK," Koulovasilopoulos said. "The retail business is forecast to write US$327m by the end of 2024, rising to US$395m by the end of 2025.”
The new 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.
Graham 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 US$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 added: “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.”
Antares Global will also be launching its own MGA in the coming months, subject to regulatory approval.
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