Antares Managing Agency Ltd has placed Syndicate 1274’s Lloyd’s China operation into run-off. In a statement, the firm said it will cease accepting new and renewal business through the Lloyd’s China platform beginning March 01.
Going forward, the company’s Chinese business will be handled by Antares Singapore, the statement continued. All existing policies will remain effective and provide the cover indicated in the contract until the natural expiry date.
Antares Asia, operating from Lloyd’s Singapore, will continue to underwrite as normal and maintain its current risk appetite. Antares is the Lloyd’s specialist insurance and reinsurance subsidiary of QIC Global.
“Antares Asia is focussed on delivering expert, tailored solutions for specialist lines in the region,” said Li Shan Yeo, CEO of Antares Asia. “We continue to evaluate our book in real time and ameliorate our portfolio to deliver adequate returns on our capital.
“Our clients in China will continue to have access to our market-leading specialist insurance and reinsurance solutions through Lloyd’s Asia. All existing policies written by Antares Underwriting Division of Lloyd’s China remain in force and a team to manage our run-off book is in place for all claims and enquiries.”
Mark Graham, Antares CEO, added that the move came about due to the company’s ongoing strategic review of operations.
“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,” Graham said. “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.”