’We look forward to supporting our clients and broking partners with our underwriting capabilities,’ says class underwriter

Antares Syndicate 1274 has launched a consortium to underwrite credit and political risk insurance.

The new consortium draws on the credit risk expertise and analytical capabilities of Antares’ political and financial risk team.

It is currently considering submissions, with its initial maximum line standing at $40m (£31m).

Antares will lead the new consortium with a 75% line, with the remaining 25% provided by other Lloyd’s carriers.

James Thomas, class underwriter for the Antares political and financial risk team, said: “We are very pleased to have successfully launched and closed our first polices under the consortium.

”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.”

’Excellent opportunity’

Antares Syndicate 1274 is the (re)insurance subsidiary in the Lloyd’s market of QIC’s Antares Global.

Jim Lye, active underwriter at Antares Managing Agency, said the new consortium came ”amid ongoing geopolitical instability and macroeconomic uncertainty”.

“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.

”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.”