The insurance consortium is already actively reviewing submissions. Credit: Andrii Yalanskyi/Shutterstock.

Antares Syndicate 1274, part of QIC’s Antares Global and a reinsurance player in the Lloyd’s market, has announced the formation of a new consortium. 

The new consortium is focused on underwriting credit and political risk insurance.  

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It leverages Antares’ expertise in political and financial risk assessment and is now actively reviewing submissions.  

The consortium’s initial capacity is set at $40m, with Antares contributing a 75% share and the rest supported by other Lloyd’s market participants. 

Antares political & financial risk team class underwriter James Thomas 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.” 

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Antares Managing Agency active underwriter Jim Lye 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.  

“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.” 

The launch follows Antares Global’s appointment of Kevin Wenzel as chief financial officer (CFO) in January this year. 

Reporting to Antares Global CEO Mike van der Straaten, Wenzel brings more than three decades of financial expertise to the team.  

His background includes a tenure at Allianz, where he latterly was deputy CFO of Allianz Holdings in the UK.