US$124M Profit Despite US$100M Wildfire & Ukraine Losses | [Company Name – if known]

Antares Group, a global specialty risk and insurance provider, has announced a profitable 2025 despite significant headwinds from global events, including wildfires and the ongoing conflict in Ukraine. The company reported exceeding $1 billion in premium for the year and delivering a solid underwriting result, demonstrating resilience in a volatile landscape. This success follows a 2024 reorganization into three core divisions: commercial, retail, and legacy, designed to streamline operations and manage risk exposures more effectively.

The firm’s core business, encompassing the commercial and retail divisions, generated a profit of $124 million. This achievement came despite absorbing approximately $100 million in losses attributable to wildfires and the war in Ukraine, highlighting the company’s ability to navigate complex and costly events. The results underscore a strategic focus on underwriting discipline and proactive risk management.

A key driver of Antares’ performance was the growth within its commercial division, which includes Lloyd’s Syndicate 1274 and the Antares reinsurance platform in Bermuda. Premiums in this segment increased by 11.4% year-over-year, reaching $869 million according to Insurance Business Magazine. This growth demonstrates the division’s capacity to capitalize on market opportunities and expand its portfolio.

The specialist legacy division, established to manage Antares’ run-off portfolio, also showed improvement. Losses within the legacy business decreased to $41 million, a significant reduction from the $62 million reported in 2024 and substantially lower than losses in previous years. This positive trend indicates the effectiveness of the company’s strategy to actively manage and reduce its exposure to legacy risks.

Antares’ Position Within QIC Group

Antares plays a significant role within its parent company, QIC Group, contributing approximately 40% of total group revenue and roughly half of group profit. This substantial contribution underscores Antares’ importance to QIC’s overall financial performance.

Underwriting Performance and Market Comparison

Antares reported a combined operating ratio (COR) of 91.2% for 2025, an improvement of 1.8 percentage points. While this places Antares slightly above some of the most profitable Lloyd’s peers on an underwriting basis, it remains competitive, particularly considering the impact of wildfire and Ukraine-related losses as reported by Insurance Business Magazine. For context, the Lloyd’s market as a whole has recently reported combined ratios in the mid-80s, while companies like Beazley, Hiscox, and Lancashire have generally achieved sub-90% ratios on larger premium bases.

Syndicate 1274 and Global Reach

Antares at Lloyd’s, operating as Syndicate 1274, has been underwriting since 2008, providing insurance and reinsurance solutions across a diverse range of risks, including property, casualty, marine, and specialty lines according to Antares Global. The syndicate operates through platforms in the UK, Singapore, and Bermuda, serving customers worldwide. Antares also collaborates closely with Antares Re in Bermuda, particularly on marine and property coverage.

The company benefits from the “A+” rating from Standard & Poor’s and an “A” rating from A.M. Best for Lloyd’s, providing a strong foundation of financial security for its clients and partners.

Looking Ahead

Antares Group’s 2025 performance demonstrates its ability to deliver profitability even amidst significant global challenges. The company’s strategic reorganization and focus on core underwriting appear to be yielding positive results. As the geopolitical landscape and climate risks continue to evolve, Antares’ ability to adapt and manage these challenges will be crucial for sustained success. The firm is well-positioned to continue serving its clients and contributing to the broader insurance market.

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