LONDON (Reuters) - Insurer Chaucer Holdings has invested £15 million ($30.5m) in a new venture with private equity firm Lightyear Capital that will run a new syndicate in the Lloyd's of London insurance market.

The start-up, Bermuda-based Antares, will be the parent company of a new Lloyd's insurer, Syndicate 1274, with underwriting capacity of £135m ($275m) that will insure property, liability, marine and aviation risks.

Antares has agreed a deal with German insurer Wuerttembergische Versicherung to assume the renewal rights of Wuerttembergische's London insurance market portfolio as well as its UK subsidiary, Chaucer said.

Chaucer will manage the new syndicate, for which it will earn fees, it said.

Numis Securities said Chaucer's investment in Antares was "an interesting use of surplus capital".

Numis said: "The main potential upside to Chaucer would be a gain from the sale of Antares in the future. We believe this is quite likely given that the ultimate strategy of Lightyear must be to realise profits on its investment."

Chaucer shares were up nearly three percent at at 103.5 pence, valuing it at around £323m.