2012 Results Announced by Antares Managing Agency Limited
Antares Managing Agency Limited the specialist Lloyd’s insurance business, today announces results for its managed syndicate 1274 for the year ended 31st December 2012.
- > Syndicate profit of £16 million.
- > Combined ratio of 91%.
- > Lloyd’s approval to increase premium base from £177m in 2012 to £204m in 2013.
Operational and strategic highlights:
- > Strategic and financial tie-up with Itochu Corporation, a leading Japanese trading conglomerate with global (re)insurance and broking subsidiaries.
- > Offshore Energy and General Aviation added as new business classes, with the appointment of Jim Lye as Energy underwriter and Simon Hennessy and Russell Mason as General Aviation underwriters.
- > Expansion of existing classes of business through recruitment of highly qualified underwriting personnel.
- > Further development of product offerings anticipated in 2013.
Steve Redmond, Managing Director of Antares said:
"2012 was a terrific year for Antares and we are delighted to announce an excellent result for our shareholders. These results represent the foundation on which we will continue to grow our business and have been achieved through a combination of underwriting excellence, investment in new talent and a number of our strategic initiatives coming to fruition.
While we have been fortuitous in that the claims environment was generally benign, we should not forget that 2012 included the most expensive ever marine loss for insurers in the form of Costa Concordia and one of the most expensive storm events ever, in the form of Superstorm Sandy.
While neither of these events has created an underwriting environment conducive to long term and sustainable rating improvements, I am confident that that the new lines we have added, combined with the areas we have identified for growth in 2013, will ensure the continued profitable growth of Antares in the years to come."