All material subject to strictly enforced copyright laws. © 2021 Insurance Insider is part of Euromoney Institutional Investor PLC.
Accessibility | Terms & Conditions | Privacy Policy | Modern Slavery Act | Cookies | Subscription Terms & Conditions

Antares 1274 cuts Lloyd’s stamp by 9% for 2022 but ups dollar GWP

antares-qic-logo-london-2020.jpg

Antares Managing Agency has been notified by Lloyd’s that its 2022 business plan for Syndicate 1274 has been approved, with the stamp capacity falling by 9% to £310mn ($426.5mn).

The syndicate, which writes most of its premium in US dollars, said this represented a 9% increase in gross written premium (GWP) on a like-for-like currency basis.

Antares is set to write the equivalent of $492mn of premiums in 2021, based on its syndicate business forecast, and this is expected to jump to $541mn in 2022, an increase of just under 10%.

Antares said its 2021 forecast GWP for was expected to be entirely in line with its business plan.

The QIC-Global owned business has seen a shake-up of its senior management in the past year, with Mark Graham named as CEO last November following the departure of Joe Battle, who left after a strategic review.

Antares saw the fifth largest fall in stamp capacity in 2021, contracting from £375mn in 2020 to £340mn.

Axa XL’s Syndicate 2003 saw the biggest decline in stamp capacity that year, reducing its stamp from £1.8bn to £1.5bn, a fall of 17.2%.

Antares’ business plan was approved as part of the Lloyd’s fast-track scheme, which was offered to syndicates that have stuck to their business plans and delivered profitable results.

Correction: Our original story said Antares had secured a 9% stamp capacity increase. In fact, it has secured a 9% stamp decrease but will increase US dollar GWP by 9% on a like-for-like currency basis.

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree