Antares Managing Agency has put Syndicate 1274’s Lloyd’s China operation into run-off following a strategic review of its business.
Effective 1 March 2021, Antares will stop accepting new and renewal business through the Lloyd’s China platform.
However, Antares has reaffirmed its long-term commitment to the Asian region.
Antares CEO Mark Graham said: “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.
“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.”
Antares Singapore will manage the China business in the future. All current policies will continue to be effective and offer the cover on existing terms until the natural expiry period.
Operating from Lloyd’s Singapore, Antares Asia will continue to underwrite as usual while retaining its risk appetite.
Antares Asia CEO Li Shan Yeo stated: “Antares Asia is focussed on delivering expert, tailored solutions for specialist lines in the region. We continue to evaluate our book in real time and ameliorate our portfolio to deliver adequate returns on our capital.
“Our expert Singapore team provide world-class underwriting services and 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.”
Meanwhile, in another recent development, German insurer Allianz secured the regulatory nod to set up a wholly-owned insurance asset management company in China.
The approval makes Allianz IAMC the first wholly foreign-owned company of its kind in China.