Discover how Antares Group achieved impressive growth in 2024, setting new industry standards with innovation and strategic vision.
In 2024, Qatar Insurance Group’s UK and Bermuda-based subsidiary, Antares Group, experienced an impressive 54% increase in gross written premiums (GWP) for its core ongoing operations, reaching a total of $1.1 billion. This substantial growth was largely driven by the incorporation of a major reinsurance transaction. When excluding the reinsurance deal, the organic premium growth stood at a robust 15%.
Profits for the core business soared to $150 million post-tax, marking a 10% rise from the previous year’s $136 million, accompanied by a combined ratio of 93%. The noteworthy performance was spearheaded by Antares’ commercial division and its reinsurance operations in Bermuda. Additionally, the newly established Antares Retail division came close to achieving break-even status in its inaugural trading year.
Throughout 2024, Antares underwent a strategic restructuring, segmenting its operations into three distinct divisions: Retail, Commercial, and Legacy. The Retail division was designed to support retail lines through Managing General Agents (MGAs), while the Commercial division incorporated both Antares Re and Syndicate 1274’s commercial ventures. Meanwhile, the Legacy division was tasked with managing the company’s substantial run-off portfolio.
Natural disasters, including Hurricanes Milton and Helene in the U.S., resulted in catastrophe losses amounting to $17 million. Furthermore, Antares faced a $22 million exposure due to the Baltimore Bridge collapse, one of the most significant marine losses in recent history, contributing to what the group termed a ‘relatively light’ natural catastrophe experience for the year.
The non-core legacy segments reported a loss of $62 million after-tax in 2024, a marked improvement from the $140 million loss recorded in 2023. This enhancement was attributed to a decline in premiums from $880 million to a mere $74 million as Antares continued to strengthen its reserves on specific historical books and run-off portfolios. This strategic focus positions Antares more favorably as it progresses towards closing its run-off and legacy portfolios.
Antares Group CEO, Mike van der Straaten, remarked, “Our financial outcomes underscore the robust underwriting capabilities and the strategic focus brought about by our new Commercial, Retail, and Legacy divisions. I am thrilled with the Commercial division’s strong performance, including the successful operations of Syndicate 1274, and the rapid advancement of the Retail division towards a break-even point in its first operational year. In the upcoming year, we aim to streamline our cost base and selectively expand our underwriting exposure to capitalize on opportunities in a relatively strong market.”
Further, the company has preemptively set aside $75 million for potential claims from the 2025 California wildfires. Antares noted, “The full extent of market losses has yet to be determined, but it is certain to surpass previous records, highlighting the increasingly volatile risk landscape in which we operate.” Mark Graham, CEO of the Antares Commercial Division, added, “The California wildfires affected thousands, and we have actively worked to settle all legitimate claims, supporting our customers in their time of need. The financial repercussions have been significant across the market, and we have taken a cautious approach in estimating potential claims.” Lastly, the group’s S&P A- Stable rating has been reaffirmed, underscoring its financial resilience.
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