New MGA focused insurer launches in UK

Antares Global Management has launched a new UK-based insurer as it confirmed that it would undergo a business unit restructure.

The move will see Antares split its underwriting operations into retail and commercial divisions.

As part of the move, the firm has launched insurer Antares Insurance Company, which will focus on retail business primarily through established MGAs in the UK.

Antares also plans to launch its own MGA in the coming months to expand its distribution.

Mike van der Straaten, chief executive at Antares Global, said: “Antares has undergone a successful transition from separate entities to a group of underwriting platforms with aligned strategies, efficient use of capital and positive results on a large book.

“This restructure completes our transition to a streamlined business that we are proud to be able to unveil to the market.

“We are excited about our plans for future growth as we maximise underwriting opportunities in both the UK and international markets.”

New appointments 

As part of the restructure, Pantelis Koulovasilopoulos has been appointed to lead the retail division, while Mark Graham will run the commercial arm.

Koulovasilopoulos has held c-suite roles at multiple firms during his career, including Qatar Reinsurance Company and Chubb.

Speaking about taking up his new role, he said: “Building on our existing retail portfolio, we believe that there is a significant opportunity within the MGA sphere in the UK.

“The retail business is forecast to write $327m (£251m) by the end of 2024, rising to $395m (£304m) by the end of 2025.”

Graham, meanwhile, has served as the chief executive of Antares’ Lloyd’s arm for the last four years.

Following his latest appointment, he said: “By aligning reinsurance and insurance capacity into a single commercial division, we can work more efficiently with our capital base, improving capital efficiency and offering clients increased flexibility.”