The QIC Group has announced today that its Bermuda based reinsurance subsidiary, Qatar Reinsurance Company Limited (“Qatar Re”) – has been authorised by Qatar Central Bank and the, UK regulator, Prudential Regulation Authority to carry out certain regulated activities in the UK from its branch office in London.
This is a strategically important addition of the QIC Group global platform. QIC through QatarRe has existing branches in Zurich, Singapore and Dubai. QIC global presence also includes another UK based insurance vehicle, Antares which operates on the London Lloyds Market and QIC Europe Limited (QEL) based in Malta.
Khalifa Al Subaey, QIC Group President and CEO said: “This development is an important step in the QIC Group growth strategy that was approved by the Board in 2012. The UK branch office, therefore, positions QatarRe with an opportunity to grow its UK based portfolio in an essential reinsurance market.
Gunther Saacke, Qatar Re’s CEO, commented: “We are very pleased with Qatar Re’s authorisation in the UK. London is the leading global hub for specialty and wholesale insurance. Therefore, a local underwriting presence is almost imperative for any aspiring global reinsurer. This is particularly true for Qatar Re as proximity to our clients and brokers is one of our proven value drivers.”
Gunther Saacke continued: “For Qatar Re, Britain is a major market of growing importance. Only a few days ago, we announced the acquisition, subject to regulatory approvals, of Markerstudy Group’s Gibraltar-based insurance companies which underwrite more than 5% of the UK motor insurance market, generating annual premiums of about £ 750 million.”