Antares

The underwriter has a background in marine and energy reinsurance and has more than 17 years’ experience.

The agency said the financial strength ratings downgrade reflected a revision in its assessment of Qatar Insurance Company’s operating performance from strong to adequate.

The move comes after Antares Syndicate 1274 secured a 16% stamp capacity increase for 2023.

The managing agency’s syndicate will see its stamp capacity increase to £360mn in 2023, from £310mn this year.

Piraeus Bank bought the action against Antares over the detention of a vessel in Venezuela in 2015.

Neil Jarman joined Antares back in 2016 to head up the carrier’s new casualty treaty division.

The appointment comes after marine liability underwriter Ellie Barr resigned to join Convex.

The former Army captain is expected to remain in the insurance industry.

The syndicate writes most of its premium in US dollars, and the approved plan will see a 9% GWP uplift on a like-for-like basis.

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The carrier will remain active in the class of business after the departure of the underwriter who launched the book in2016.

During his tenure at Antares/QIC Global, Stephen Redmond was active underwriter, managing director and most recently chief transformation officer.