Antares Group, the UK- and Bermuda-based insurer of Qatar Insurance Group, has announced that premiums from its commercial arm, which includes Lloyd’s Syndicate 1274 and Antares Bermuda reinsurance business, will increase by 11.4% year-on-year in 2025 to $869 million.
In 2024, Antares reorganized its business into three divisions, with its core business divided into commercial and retail divisions, while the specialist Legacy division manages the group’s runoff portfolio. The company said the positive impact of the restructuring was reflected in its 2025 results.
Total premiums for the year amounted to US$1.1 billion. Antares Insurance Company’s retail premiums grew more than 100% in its second year of trading, doubling to $100 million.
Antares’ undiscounted combined ratio improved by 1.8 percentage points to 91.2%.
Overall core business profits came in at $124 million, despite losses from wildfires and Ukraine reaching about $100 million.
Legacy losses fell again to $41 million, an improvement on the $62 million recorded in 2024 and significantly lower than in previous years, demonstrating the continued success of the group’s strategy of actively focusing on its legacy portfolio.
Antares also accounts for about 40% of the global Qatar Insurance Group’s total revenue and half of its profits.
Mike van der Straaten, CEO of Antares Group, said: “Our continued financial success in 2025, particularly in the face of significant wildfires and losses in Ukraine, is testament to Antares’ robust business model and the strong leadership demonstrated by each of our business units. Our commercial business, including Syndicate 1274, led by Mark Graham, continues to grow year-on-year; our retail business, led by Pantelis Koulovasilopoulos, continued to grow in 2025 The second year has reached new heights. Trading for our UK companies; and our renewed focus on legacy business led by Jagdis Barber, reducing losses in previously troublesome areas of the business.”
Kevin Wenzel, Antares Group Chief Financial Officer, added: “In 2026, Antares will launch a commercial plan to initially deliver over $100 million in GWP across three external syndicates (BEAT, CFC and Africa Specialty Risks), which will complement the continued success of its own Syndicate 1274.”
Chief Operating Officer Jim Linsao commented: “In 2025, we launched a dedicated leadership development program that highlights our investment in the growth and advancement of our existing employees. At the same time, Antares continues its commitment to attracting talent, launching its first school leaver program, which has taken on six new employees.”
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