Qatar Reinsurance Opens New Branch in London

January 11, 2018

QIC Group has announced yesterday that its Bermuda based reinsurance subsidiary, Qatar Reinsurance Company Limited (“Qatar Re”) – has been authorized 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 has existing branches, through Qatar Re, in Zurich, Singapore and Dubai. QIC global presence also includes Antares, another UK based insurance vehicle that operates on the London Lloyds Market, as well as 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 Qatar Re with an opportunity to grow its UK based portfolio in a key reinsurance market.”

Gunther Saacke, Qatar Re’s CEO, commented: “We are very pleased with Qatar Re’s authorization in the UK. London is a 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.”

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 percent of the UK motor insurance market, generating annual premiums of about £750 million.”