Reinsurance News
QIC
COVID pushes QIC to $36mn loss
28th October 2020
Qatar Insurance Company (QIC), the Middle East and North Africa (MENA) focused insurer, has reported an overall group underwriting loss of QAR 131 million (USD 36 million) for the first nine months of 2020. Results were impacted by a net group underwriting loss of QAR 83 million (USD 22.8 million). The company ... Read the full article
QIC increases GWP 13% in H1 off market hardening
27th July 2020
Qatar Insurance Company (QIC), the Middle East and North Africa (MENA) focused insurer, experienced a 13% growth in Gross Written Premium in the first half of 2020, reaching QAR 7.2 billion ($1.9 billion). This growth was predominately driven by the rate hardening in select international insurance markets and continued expansion of QIC’s ... Read the full article
QIC Global promotes Alexander Craggs to CEO at Antares
8th July 2020
QIC Global, the international specialty re/insurance arm of Qatar Insurance Group, has named Alexander Craggs as acting Chief Executive Officer (CEO) and Jim Lye as Active Underwriter, respectively, at Antares Syndicate 1274, effective July 7th, 2020. In their new roles, Craggs will report to Michael van der Straaten, Chief Executive Officer ... Read the full article
QIC and Swiss Re partner on admin platform Anoud+
5th March 2020
Qatar Insurance Company (QIC), the Middle East and North Africa (MENA) focused insurer, is collaborating with Swiss Re to integrate specialised offerings through its insurance administration platform Anoud+, according to reports from The Peninsula. Developed internally by QIC, Anoud+ will be offered to insurance carriers in emerging markets, helping them to ... Read the full article
QIC results hit by typhoon losses and Ogden change
3rd February 2020
Qatar Insurance Company (QIC) has maintained a stable net profit of $184 million over 2019, but its underwriting performance suffered due to major catastrophe losses and changes to the Ogden discount rate, which caused the company’s combined ratio to slip to 103.3%. Net profit compared with $182 million in the previous ... Read the full article
QIC names new group CEO
13th January 2020
Qatar Insurance Group has announced the appointment of Salem Khalaf Al Mannai as its Chief Executive Officer. Mannai has occupied a number of key positions within the group since joining its retail department in 2001. He most recently served as the group’s deputy president & CEO and before that held the role ... Read the full article
QIC Group’s 9M underwriting result hit by Ogden rate revision
29th October 2019
The UK Government's revision of the Ogden discount rate to -0.25% adversely impacted Qatar Insurance Group's (QIC Group) underwriting performance in the first nine months of 2019, driving its combined ratio above 100%. At 101.5%, QIC Group's combined ratio for the period improved slightly from the 102% recorded for the ... Read the full article
QIC grows profits by 15% in Q1 with more cautious underwriting
29th April 2019
Qatar Insurance Company (QIC) has reported a net profit of USD $75 million for the first quarter of 2019, representing a 15% increase from the same period in 2018, driven by improved underwriting results and resilient investment income. In Q1 2019, QIC adopted a more restrictive and selective approach to new ... Read the full article
QIC Global partners with Verisk’s Sequel on cyber exposure
25th March 2019
QIC Global, the umbrella organisation for Qatar Insurance Company's (QIC) international trading brands, has signed a contract to use software from Sequel, a Verisk business, to model cyber risk. By utilising Sequel’s Impact system, QIC Global hopes to be able to better capture and aggregate complex cyber exposure. The company is already ... Read the full article
Antares names Joe Battle CEO
18th February 2019
Lloyd's of London Managing Agency and member of the Qatar Insurance Company Group (QIC Group), Antares, has promoted current Active Underwriter Joe Battle to Chief Executive Officer (CEO). Battle's appointment is subject to receipt of regulatory approval. He joined Antares (then Württembergische) in 2007 and was appointed Active Underwriter in 2009, before ... Read the full article
Negative reserve developments push QIC’s combined ratio above 100% in Q1
26th April 2018
Qatar Insurance Company (QIC) has reported that its combined ratio exceeded 100% in the first-quarter of 2018 as a result of negative reserve developments on certain older contracts, which pushed down its underwriting result to $32 million. QIC is one of the leading insurers and reinsurers in Qatar, the Middle East ... Read the full article
QIC expands UK profile with Markerstudy Group acquisition
25th January 2018
Qatar Insurance Company (QIC) has acquired Gibraltar-based insurer Markerstudy Group through its reinsurance arm Qatar Re, subject to regulatory approvals. The acquisition of Markerstudy, which underwrites more than 5% of the U.K. motor insurance market, generating annual premiums of about £750 million, significantly expands the firm's UK profile, in line with ... Read the full article
QIC’s underwriting result down as reinsurance unit takes $31mn Ogden hit
27th April 2017
The Qatar Insurance Company (QIC) has revealed that Qatar Re, its reinsurance subsidiary, took an approximate $31 million profit hit in the first-quarter of 2017 as a result of the cut to the Ogden discount rate in the UK, resulting in a lower Group net underwriting result for the period. QIC ... Read the full article
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