Following regulatory authorization by Malta Financial Services Authority (MFSA), Qatar Insurance established a wholly-owned Malta-based EU subsidiary called QIC Europe Limited (QEL). QEL will become a key strategic platform for the Group to underwrite European Economic Area (EEA) situated risks by leveraging the Group’s other platforms such as Qatar Re and Antares. QEL will leverage the Group’s strong relationships with international insurance intermediaries to underwrite high quality business in the EEA.
Standard & Poor’s (S&P), a leading global ratings agency, assigned an “A” (Stable) rating to QEL based on the parental guarantee provided by QIC. The S&P ‘A’ (Stable) credit rating will further enhance QEL’s ability to gain access to high quality business in the EEA.
In its initial phase, QEL will underwrite non-Malta, EEA-situated general insurance risks. On the other hand, QIC International LLC will continue to write general insurance risks situated in Malta through the Group’s long standing relationship with a leading Maltese insurance agency.
QEL will continue the Group’s long standing commitment to Malta through its injection of growth capital, by creating direct and indirect employment opportunities for Maltese nationals, and by working closely with MFSA and other domestic entities to support the development of the Maltese insurance and reinsurance sector.
Mr. Khalifa Al Subaey, Group President and CEO of QIC Group said: “Following the acquisition of Antares in mid-2014, the establishment of QIC Europe Limited represents another significant milestone in QIC’s international growth strategy. QEL will help the Group enhance its existing property & casualty and specialty insurance footprint in the European Union and other non-EU European jurisdictions.”
Mr. Ali Al Fadala, Senior Deputy Group President and CEO of QIC Group added: “In addition to its focus on the critical EEA market, in the medium term, QEL will seek to achieve further profitable growth by pursuing high quality opportunities in the Maghreb region.”
Mr. Sunil Talwar, Deputy Group CEO and CFO of QIC Group said:
“QIC with its exceptional financial position, strong competitive profile, and its healthy reputation in the insurance and reinsurance industry, is uniquely positioned to support QEL’s objective of becoming a leading Malta-based European insurer.”