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