| 30 Jul 2010 |
|
QIC set to float life and health subsidiary
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DOHA: Qatar Insurance CompanyQatar Insurance Company
(QICQIC), the country's largest underwriter, is set to launch a new subsidiary specialising in life and medical insurance before the end of this year, QICQIC Group President and CEO, Khalifa Abdullah Al Subaey told reporters here yesterday.He said the new company which will probably be registered with the Qatar Financial Centre (QFC) would not cover only the Qatari market. "The company will operate from Qatar but it will offer services across the region,"
he said.
"We are conducting a study for setting up the new company which along with the other subsidiaries will be part of the
QICQIC Group."
Al Subaey would not disclose the capital base of the new entity to be formed from QICQIC life and medical insurance units, saying: "We have not reached that stage yet, we are still undertaking the studies and everything else. We hope that before the end of this year, it will be announced officially." The group might be seeking strategic partners for the venture, but no firm conclusion on this has been reached so far. "We have the two options," Al
Subaey said.
"We are discussing with a few international partners, but we have not taken any decision yet."
He said the group is very much capable of managing the new company through its own internal resources, noting that QICQIC medical unit has already got a core customer base.
"We are the largest medical insurance company not only in Qatar, but in the region. We are insuring around 70,000 people in Qatar at the moment and in the UAE, we are most probably the largest when it comes to medical insurance."
Al Subaey said the QICQIC Group has set up early this year a new company, Q-ReQ-Re (formerly part of QICQIC International) at the QFC, a re-insurance company which substantially broadens the Group's geographical presence not only locally but also extends it to South Asia and the Middle East North Africa region.
The QICQIC Group has already a strong international presence with operations in Oman, the UAE since 1968, and Kuwait besides Malta where it is has been operating for almost 30 years and which looks over the business of North Africa and Southern Europe.
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