Antares now manages Syndicate 1274, formerly managed by Chaucer
Antares Holdings has received approval from Lloyd’s and UK regulator the FSA for the establishment of Antares Managing Agency Limited (AMAL) to manage Antares Lloyd's Syndicate 1274, which was formerly managed by Chaucer Syndicates Ltd.
Syndicate 1274 was launched in 2008 and writes property, casualty, marine and aviation. Capacity has grown from its initial £135m to £200m for 2010.
Antares Holdings Ltd was launched in 2007 by an investor group led by the investment firm Lightyear Capital LLC.
Stephen Redmond, Managing Director at Antares said: “This is great news for Antares and it brings our presence in the marketplace to the next level. I would like to express my thanks to the team for their hard work and commitment over the past two years. A wholly owned Lloyd’s Managing Agency enables Antares and its underwriters to more effectively serve our clients. As a standalone entity Antares Syndicate 1274 was well positioned to be profitable and develop its diverse portfolio at Lloyd's. However, it was our intention from the outset to create a Lloyd's Managing Agency to enable us to manage Syndicate 1274 and I am extremely pleased we have achieved our objective.”
Redmond is a former chairman of the Institute of London Underwriters and has previously acted as a member of numerous London Market committees.
Other Executive members of the board are Jonathan Battle, Active Underwriter Antares Syndicate 1274, Paul Johnson, Chief Actuary James Linsao, General Counsel and Richard Sutlow, Finance and Operations Director.
Terry Hayday, Head of Professional Standards at the Lloyd's Market Association, has assumed the role of Non-Executive Chairman at AMAL.
Ewen Gilmour, the former CEO of Chaucer, and current Deputy Chairman of Lloyd’s, will also join the AMAL Board in a Non-Executive capacity, along with Trevor Clegg, Anthony Minns, and Robert Stuchbery, who was recently named CEO of Chaucer.