Qatar General Insurance and Reinsurance Company (QGIRCO) announced a strategic focus on real estate insurance expansion in an Annual General Assembly (AGM) meeting yesterday at Doha Mariott Hotel, Qatar.
Addressing shareholders at the AGM, Chairman of QGIRCO, Sheikh Nasser bin Ali bin Saud Al Thani, said; “Our main objective is to expand in the insurance areas, focus on the future real estate projects currently executed by the Company, enhance the Company’s capabilities and increase the financial efficiency in compliance with international standards and criteria.
“Hence maintain the Company’s leading position in the insurance and real estate investment industries in Qatar; bearing in mind the strength of the Qatari economy – which is one of the fastest growing economies.”
The QGIRCO Chairman said further key objectives are to develop and mentor Qatari talent, and to invest in technologies; “With Qatarization forming an integral part of our overall strategy as we progress a greater number of qualified Qatari’s into management level positions across the Group.
“For our customers, we invested widely in smart technology that will enable us to provide a much faster and cost efficient services.”
Referring to the company’s governance and management, Sheik Nasser said; “The sound governance framework adopted by QGIRCO supports our Group in the strategic decisions it makes for long-term growth. The Company carries out its transactions with the related parties through the approved Related Party Translation Policy Manual.”
The General Assembly agreed on the distribution of cash dividends at QR1.5 per share, equivalent to 15% of the nominal share value.
Qatar Re is a fast-rising reinsurance star of the Middle East, with capitalisation levels recently passing the $1 billion mark.
Last week, the Bermuda domiciled reinsurance firm hailed the completion of its recent significantly oversubscribed $450 million perpetual bond debt issuance.
With some cedents continuing to tier their reinsurance panel based on factors such as size, capitalisation, ratings etc., Qatar Re is in good stead for continued growth throughout the Middle East and beyond.
