Qatar Insurance Company (QIC) has highlighted the strong performance and growth of its reinsurance business, Qatar Re and its Lloyd’s platform, Antares, as significant drivers of its international expansion and diversification.
QIC’s Board of Directors recently held its fourth meeting, chaired by Sheikh Khalid bin Mohammed bin Ali al-Thani, Chairman of the Board and Managing Director of QIC, which discussed the re/insurer’s performance during the first five months of 2017.
Following the meeting of the Board the company has underlined its position as a global franchise, citing that roughly 70% of its current premium income is generated by QIC’s global businesses outside of the Gulf Cooperation Council (GCC) region.
Specifically, the firm highlights subsidiaries Qatar Re and Antares as drivers of its international expansion.
The Group’s reinsurance arm, Qatar Re, is domiciled in Bermuda and is licensed by the Bermuda Monetary Authority (BMA), and in 2015 was ranked among the world’s top 35 non-life reinsurance firms by international rating agency, A.M. Best.
The Group explains that Qatar Re continues to expand its global footprint, and now has offices in all major reinsurance industry hubs around the world.
Antares is QIC’s Lloyd’s of London platform, which underwrites specialty insurance business and further contributes to the re/insurer’s diversification, both geographical and in terms of class of business.
Further supporting its global footprint, Antares joined the Lloyd’s of London China platform in Shanghai in 2016, and the QIC Group also grew its insurance activity in Continental Europe with its QIC Europe Limited (QEL) subsidiary being registered and located in Malta.
QIC Group is rated “A/Stable” by S&P and “A (Excellent)” with a stable outlook by A.M. Best.
The announcement from QIC Group shows how the insurer and reinsurer is committed to the global risk transfer market, and suggests the firm is keen to impress and reassure that despite current political and economic headwinds in its own country, it’s willing and able to remain a profitable and diversified global re/insurer through its expanding international footprint.
