Antares Group has reported another year of profitable growth, passing US$1 billion in premium and posting a solid underwriting result for 2025 despite elevated catastrophe and conflict-related losses.
The result follows the company's 2024 reorganisation into three divisions, namely commercial, retail and legacy, which was intended to sharpen focus on core underwriting and actively manage run-off exposures.
Across its core operations, Antares reported total premium of US$1.08 billion for 2025. The undiscounted combined operating ratio (COR) improved by 1.8 percentage points to 91.2%.
Core business, which comprises the commercial and retail divisions, generated profit of US$124 million. This was achieved in a year when wildfire and Ukraine-related losses totalled around US$100 million. Meanwhile, the commercial division, which includes Lloyd's Syndicate 1274 and the Antares reinsurance platform in Bermuda, grew premiums by 11.4% year-on-year to US$869 million.
The specialist legacy division, established to manage Antares’ run-off portfolio, also improved. Legacy business loss fell to US$41 million, compared with US$62 million in 2024 and materially higher losses in prior years.
Within QIC, Antares accounts for around 40% of total group revenue and roughly half of group profit.
Antares’ 91.2% COR places it somewhat above the most profitable Lloyd’s peers on a pure underwriting basis, but still in broadly competitive territory given its specific exposure to wildfire and Ukraine losses.
For comparison, the Lloyd’s market as a whole has reported a combined ratio in the mid‑80s in recent years, while major listed peers such as Beazley, Hiscox and Lancashire have generally delivered sub‑90% combined ratios on materially larger premium bases.
Antares’ roughly US$1.1 billion of premium leaves it smaller than those groups, but its low‑90s COR, double‑digit commercial growth and rapid retail expansion position it within the cohort of mid‑sized specialty carriers delivering sustained underwriting profits.
Within the commercial division, Lloyd’s Syndicate 1274 and the Bermuda reinsurance operation remain the main earnings engines, benefiting from several years of rate strengthening and tighter risk selection in line with wider market trends.
The retail division, launched in 2024 to broaden Antares’ presence in UK and European retail lines via MGAs and other distribution partners, has moved quickly to scale. Its growth mirrors a broader shift among London market carriers towards balancing volatile large commercial and reinsurance portfolios with more stable retail and SME business.
The legacy division’s reduced loss reflects Antares’ effort to deal more actively with historic liabilities and non-core books, a theme seen across the market as many carriers seek to improve capital efficiency and smooth earnings.
Mike van der Straaten (pictured), CEO of Antares Group, attributed the company's financial success for the year to its robust business model and the strong leadership in its units.
"Our commercial business led by Mark Graham, including Syndicate 1274, continues to grow year-on-year; the retail business led by Pantelis Koulovasilopoulos has reached new heights in the second year of trading for our UK company; and our renewed focus on legacy business led by Jagdis Barber, has curtailed losses in a previously troublesome area of the business," he said.
Looking ahead, the group is set to diversify further within the Lloyd’s market.
Talent and innovation
Antares is also continuing to invest in people and technical capability.
The company's COO, Jim Linsao, said that last year, the company launched a leadership development programme that will support its employees' growth and progression. He also said the company launched its first school leavers programme in an effort to continuously attract talent.
In 2026, the graduate recruitment programme is due to return with eight roles, alongside two further school leavers joining via the London Market Group’s initiative, the company said.
