Antares Syndicate 1274 at Lloyd’s reported a UK GAAP profit of US$42 million for the first half of 2025.
The syndicate achieved a net combined ratio of 96.3% on gross written premiums of US$369 million over the same period.
Chief executive Mark Graham (pictured above) said the outcome exceeded the syndicate’s planned profit target.
“Despite experiencing two large events, Californian Wildfires and the deterioration of Russian Aviation War losses, the syndicate has demonstrated notable resilience in its financial performance,” he said. “This strength reflects the robustness of our underwriting and diversified portfolio.”
Graham also noted that investment returns remained steady in the current market environment. The syndicate writes across property, casualty, marine, and specialty insurance and reinsurance lines.
The broader Antares Group, which includes Syndicate 1274, reported a post-tax profit of US$150 million for 2024, a 10% year-on-year increase. Gross written premiums rose 54% to US$1.1 billion, with a combined operating ratio of 93%. Group results were supported by a mix of organic growth in existing portfolios and targeted expansion in reinsurance classes.
In early 2024, the group also undertook a restructuring that created three divisions: Retail, Commercial, and Legacy. The Retail division, which focuses on business through managing general agents, came close to breaking even in its first year. The Commercial division, which includes Syndicate 1274, became the primary driver of growth and profitability following the changes.
The Legacy division, responsible for winding down run-off portfolios, reduced its post-tax loss to US$62 million in 2024 from US$140 million the previous year. Premiums in this segment fell to US$74 million from US$880 million, reflecting the deliberate scaling back of legacy exposures as part of a long-term portfolio reshaping strategy.
The group also reported moderate catastrophe losses during 2024, including US$17 million from Hurricanes Milton and Helene and US$22 million related to the Baltimore Bridge marine incident. These events tested underwriting resilience but did not materially alter the group’s profitability for the year.
Leadership changes accompanied the restructuring, with Mark Graham appointed head of the Commercial division, which includes both Syndicate 1274 and Antares Re.
Pantelis Koulovasilopoulos took charge of the Retail division, which is targeting written premiums of US$327 million by the end of 2024, rising to US$395 million in 2025.
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