Qatar Re closes Singapore branch office after just three years
Source: Middle East Insurance Review | Sep 2018
Qatar Reinsurance Company has ceased operations from its branch office in Singapore with effect from 20 July 2018. The company said in a press statement that it would work closely with its Singapore-based staff, its clients and broking partners and regulators to ensure the orderly administration of existing business written from the branch. This decision does not affect Qatar Re’s sister company Antares Asia, which continues to participate on the Lloyd’s Asia Platform. The company established its presence in Southeast Asia in 2015 when it opened its representative office in Singapore.
Qatar Re’s CEO Gunther Saacke said, “Like many of our peers, we have been looking very closely at our business with a view to enhancing underwriting profitability and operational efficiency in what continues to be a very challenging environment for global reinsurers. As a reinsurer committed to the long-term sustainability of our business, it is appropriate that we should continue to reflect on the performance of our underwriting portfolio and the effectiveness of our distribution network and to adapt our approach where we believe this to be in the best interests of the company, our policyholders and our shareholder.”
The distribution throughout the MENA region will be provided by its parent firm Qatar Insurance Group’s existing operations in Doha, Dubai, Oman and Kuwait. M