Doha, 1 September 2015 - Qatar Reinsurance Company LLC (Qatar Re) has today announced its intention to transfer its seat of incorporation from the Qatar Financial Centre to Bermuda. The proposed transfer is expected to take place in the 4th quarter of 2015 and is subject to regulatory approvals.
Following its continuation in Bermuda, Qatar Re will become a Class 4 reinsurer regulated by the Bermuda Monetary Authority and will merge with the Qatar Insurance Group's existing Bermuda incorporated reinsurer, Antares Reinsurance Limited. This will result in Qatar Re's capital base increasing to approximately $500m. Qatar Re will continue to benefit from a parental guarantee from Qatar Insurance Company S.A.Q. and the existing A / Stable and A (Excellent) credit ratings from Standard & Poor's and A.M. Best.
Qatar Re intends to maintain a presence in the Qatar Financial Centre with the establishment of a branch office and will continue to operate its existing branch office in Zurich and representative offices in London and Singapore. The establishment of a further branch office in the Dubai International Financial Centre is awaiting regulatory approval.
Gunther Saacke, Qatar Re's Chief Executive Officer, commented: "As a global reinsurance franchise, we have to be present in the key reinsurance centres worldwide. Moving Qatar Re's headquarters to Bermuda will consolidate capital and further enhance the international scope of our business and proximity to our clients".
The proposed transfer of incorporation will take place following receipt of all regulatory approvals but, in any case, not less than 60 days from the date of issue of certain public notices.
For further information, please visit our website at www.qatarreinsurance.com.
About Qatar Re
Qatar Re is a global multi-line reinsurer writing all major property and casualty and specialty lines of business. We serve our clients through teams of seasoned underwriting and financial professionals combining in-depth technical and business expertise with industry experience across all international markets. Our clients value us for our technical expertise, outstanding service, industry thought-leadership and customer focus. At Qatar Re, we are close to the world's major reinsurance markets and our clients' core operations through our global network of offices. Qatar Re is backed by a parental guarantee from Qatar Insurance Company S.A.Q. (QIC) and benefits from QIC's substantial and growing capital base. QIC has a market capitalisation in excess of USD 4.5 billion. Qatar Re is rated A/Stable by Standard and Poor's and A (Excellent) by A. M. Best.
For further information on Qatar Re, please visit www.qatarreinsurance.com.
About Qatar Insurance Company
Qatar Insurance Company (QIC) is a publicly listed composite insurer with a consistent performance history of over 50 years and an underwriting footprint across the Middle East. Founded in 1964, QIC was the first domestic insurance company in the State of Qatar and, through its regional and international insurance and reinsurance subsidiaries, has established a truly global footprint. Today, QIC is the market leader in Qatar is one of the highest rated insurers in the Gulf region with a rating of A/Stable from Standard & Poor's and A (Excellent) from A.M. Best. QIC is also the largest insurance company in the MENA region in terms of gross premiums, profitability, total assets and market capitalisation. It is listed on the Qatar Exchange and has a market capitalisation in excess of USD 4.5 billion.
For further information on QIC, please visit www.qatarinsurance.com.
Contact
Dr. Schanz, Alms & Company AG
Henner Alms, P: +41 44 256 1082,
E: henner.alms@schanz-alms.com
Kai-Uwe Schanz, P: +41 44 256 1081,
E: kai-uwe.schanz@schanz-alms.com
© Press Release 2015
