Antares Managing Agency (Antares), the Lloyd’s specialist insurance and reinsurance subsidiary of QIC Global, has placed Syndicate 1274’s Lloyd’s China operation into run-off.
Antares will cease accepting new and renewal business through Lloyd's China platform from 1 March 2021.
After that date, Chinese business will be written out of Antares Singapore, while existing policies written by Antares Underwriting Division of Lloyd’s China will continue to provide cover on existing terms and conditions until natural expiry.
Antares Asia, operating from Lloyd’s Singapore, will continue to underwrite as normal and maintain its current risk appetite.
Li Shan Yeo, CEO of Antares Asia, says: “We continue to evaluate our book in real time and ameliorate our portfolio to deliver adequate returns on our capital.”
Mark Graham, CEO of Antares, notes: “Antares has a long-term commitment to the Asia Pacific region, and we continue to support our partners through our Singapore platform. We are in the final stages of our strategic review of operations, whose sole aim is to place our business on a secure and profitable footing for the future.”
“This announcement today is a consequence of that review. I would like to thank Li Shan and the team at Antares Asia and look forward to working with them to provide underwriting services in Asia for many years to come,” Graham concludes.
In November 2020, Graham was named as CEO of Antares.
Graham, who reports to Michael van der Straaten, CEO at QIC Global, has been with the firm for eight years, after starting his career at the group as a COO at Antares.
