Itochu invests in Antares Syndicate 1274
Antares has successfully concluded a strategic and financial tie-up with Itochu Corporation, a leading Japanese trading organisation whose origins date back to 1858. Itochu Corporation has invested in Antares Syndicate 1274 managed by Antares Managing Agency Ltd (AMAL) with effect from 1 January 2013.
Stephen Redmond, Chief Executive of AMAL confirmed:
“We are delighted to have forged an alliance with Itochu Corporation enabling them to participate in our coveted Lloyd’s business. Their financial strength, distribution base, and network of associated businesses make them an ideal partner for Antares as we look to meet our future insurance, and reinsurance targets. We look forward to further developing the relationship with Itochu Corporation in 2013, and beyond.”
Syndicate 1274 underwrites a wide range of insurance and reinsurance business through Lloyd’s, the world’s largest insurance marketplace, and has a gross income in excess of £200m planned for 2013.
Itochu Corporation aims to expand its knowledge of Lloyd’s and the international insurance business via this strategic alliance. Antares will receive a full time individual seconded from Itochu Corporation from the spring of 2013 and this individual will be located at Antares’ London office.
A spokesman for Itochu Corporation advised:
“Our investment in Antares marks an important strategic step for Itochu Corporation as it expands its insurance activity. We have been impressed with the significant underwriting talent at Antares, with their extremely strong technical capability and with the company’s growth ambitions. We look forward to a long term and mutually beneficial relationship”.
Through this tie-up Itochu Corporation is aligning itself with Lloyd’s Vision 2025, aimed at increasing the diversification of both financial and intellectual capital. Antares will also benefit by realising the potential of increased underwriting business flow from Itochu related business from fast growing and developing countries, specifically in Asia.