The maximum line for the consortium will initially be $40m. Antares will lead with a 75% line with the remaining 25% provided by other Lloyd’s carriers.
Antares Global has launched a consortium for underwriting of credit and political risk insurance through its Antares syndicate 1274 at Lloyd’s.
The consortium is already considering submissions, Antares said, through its political & financial risk team.
The maximum line for the consortium will initially be $40m. Antares will lead with a 75% line with the remaining 25% provided by other Lloyd’s carriers.
“We are very pleased to have successfully launched and closed our first polices under the consortium,” said James Thomas, class underwriter for the Antares political & financial risk team.
“This new offering represents an excellent opportunity to leverage our underwriting expertise, particularly in the non-payment insurance space, and we very much look forward to supporting our clients and broking partners with our enhanced underwriting capabilities,” Thomas said.
Jim Lye, active underwriter, Antares Managing Agency, said: “Credit and political risk is a highly technical class with high barriers to entry and this is a logical step, building on our market leading position and established expertise in providing solutions to banks, export credit agencies, multilateral organisations and corporates.”
Credit and political risk insurance (CPRI) represents a priority class for growth for specialty insurers and brokers.
Insurance broker Howden recently released a report highlighting geopolitical risks, and fellow broker WTW published a paper on the growth of the CPRI market.
Lye added: “I am extremely pleased to announce the launch of the consortium, which will bring much-needed certainty and significant capacity to our clients amid ongoing geopolitical instability and macroeconomic uncertainty.”
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