Lightyear Capital LLC, a New York-based private equity firm, announced today that it has established a Bermuda-based holding company sponsoring a Lloyd's syndicate with $270 million in underwriting capacity.

The new entity, Antares Holdings Limited, will have businesses including the sponsorship of new Lloyd's of London syndicate Antares Syndicate 1274, which has purchased renewal rights from a German insurer for an undisclosed price.

Lightyear said Antares has obtained approval in principle from the Lloyd's Franchise Board to begin writing for the 2008 account year.

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