Antares approved for 16% increase in stamp capacity
Increase in stamp capacity reflects the current market environment
QIC-backed Lloyd's syndicate given green light for stamp capacity rise to £360m in latest double-digit pre-emption
Antares Managing Agency has received approval from Lloyd's for a 16% increase in its syndicate stamp capacity for 2023.
Syndicate 1274's stamp capacity will rise to £360m for the 2023 year of account from £310m.
The increase reflects the current market environment, in particular the strengthening of the US dollar, growth in profitable classes and exposure-rated inflation, the managing agent said.
Antares Managing Agency, part of QIC Global, focuses on underwriting property, casualty, marine and aviation.
It is the latest Lloyd's managing agent to reveal double-digit stamp capacity increase for 2023.
For instance, Apollo syndicate 1969 has been approved for a 17.7% pre-emption to a stamp capacity of £530m, while Lancashire Syndicate 2010 has received the green light for a 15.9% pre-emption.
And syndicate 318, managed by Cincinnati Global Underwriting, has received approval for a 29.4% increase in stamp capacity for the 2023 year of account to £300m.
Against the backdrop of improved market conditions, Lloyd's chief of markets, Patrick Tiernan, has said the corporation will support syndicates in taking advantage of new opportunities but that business plans must be “logical, realistic and achievable”.
In reviewing business plans, Tiernan said Lloyd’s would continue to focus on achieving a “sustainable, profitable performance” for the market, adding there was “still a way to go” in delivering this.