Qatar Re, the reinsurance arm of the Qatar Insurance group, has been authorised by the 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’s global platform. QIC, through Qatar Re, has existing branches in Zurich, Singapore and Dubai. QIC’s global presence also includes another UK-based insurance vehicle, Antares, which operates on the London Lloyd’s Market and QIC Europe (QEL) based in Malta.
Mr Michael van der Straaten will lead the branch, in addition to his current role as the company’s Chief Underwriting Officer for Long Tail and Specialty Classes.
“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 Qatar Re with an opportunity to grow its UK-based portfolio in an essential reinsurance market,” said Mr Khalifa Al-Subaey, QIC Group President and Chief Executive.
Mr Gunther Saacke, Qatar Re’s CEO, said: “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.”
For Qatar Re, Britain is a major market of growing importance. In early January, Qatar Re signed a sales purchase agreement to buy Markerstudy’s Gibraltar-based insurance companies, namely Markerstudy Insurance, Zenith Insurance, St Julians Insurance and Ultimate Insurance. Together. they underwrite more than 5% of the UK motor market, generating annual premiums of about GBP750 million (US$1.04 billion).”
The transaction is subject to regulatory approvals and is expected to be completed in the first half of 2018. M
GBP1 = US$1.40