Qatar Reinsurance Company Limited (Qatar Re) said that it has reached and signed an agreement to acquire the Gibraltar-domiciled insurance companies of Markerstudy Group Insurance, a UK motor insurance specialist.
The acquisition includes Markerstudy Insurance Company Limited, Zenith Insurance PLC, St Julians Insurance Company Limited and Ultimate Insurance Company Limited, all of which are Gibraltar-based.
Markerstudy underwrites over 5% of the UK motor insurance market, business which generates premiums of about UK £750 million.
Gunther Saacke, CEO of Qatar Re, commented on the news, “This transaction builds on the strong foundation of our existing relationship. It provides Qatar Re with a greater share of lower volatility business that has performed consistently well for us, balancing our specialty and catastrophe book. In addition, the transaction will enable us to write UK business under any post-Brexit scenario.
“Through this acquisition, Qatar Re reaffirms its commitment to supporting innovative entrepreneurship in insurance marketing, distribution and servicing.”
Kevin Spencer, CEO of Markerstudy Group, added, “For a long time we have had a tremendous relationship with Qatar Re. Their proactive approach has assisted our development and this is a natural evolution; to combine our strengths to establish a primary player in the UK insurance sector.
“This strategic alliance has three-fold benefits; it enables us to simplify our product offering and processes for our intermediaries and broker partners; it provides us with A rated capital backing, and ensures we maintain the continuity of marketing, distribution, service and support. Ultimately, this arrangement will facilitate our strategy for growth and profitability, positioning us for further success.”
Qatar Re parent the Qatar Insurance Company S.A.Q. (QIC) already has a relationship with the Markerstudy Group through Qatar Re and QIC Europe Ltd (QEL).
The acquisition is expected to complete in the first-half of 2018, once all regulatory approvals have been received.
