Qatar Re gets green light for London branch

  • Growth focus: Gunther Saacke, CEO of Qatar Re (File photograph)

    Growth focus: Gunther Saacke, CEO of Qatar Re (File photograph)


Bermudian-based Qatar Re has won regulators’ approval to open a branch in London.

The firm, which is headquartered in offices at Belvedere Place on Pitts Bay Road, is looking at the UK as an important growth market, according to a report out of Dubai.

The Gulf Times reported that Qatar Re, the reinsurance arm of the Qatar Insurance Group, had been authorised by the Qatar Central Bank and the UK regulator, Prudential Regulation Authority to carry out certain regulated activities in the UK from its branch office in London.

Qatar Re has existing branches in Zurich, Singapore and Dubai. And QIC also owns Antares, which operates on the Lloyds Market and QIC Europe (QEL), based in Malta.

Gunther Saacke, Qatar Re’s chief executive officer, said a UK underwriting presence was almost imperative for any aspiring global reinsurer.

“This is particularly true for Qatar Re as proximity to our clients and brokers is one of our proven value drivers,” Mr Saacke added.

Khalifa al-Subaey, QIC Group’s chief executive, said: “This development is an important step in the QIC Group growth strategy that was approved by the board in 2012.

“The UK branch office, therefore, positions Qatar Re with an opportunity to grow its UK based portfolio in an essential reinsurance market.”

Last week, Qatar Re announced the acquisition of Markerstudy Group’s Gibraltar-based insurance companies, which underwrite more than 5 per cent of the UK motor insurance market.

You must be registered or signed-in to post comment or to vote.

Published Jan 11, 2018 at 8:00 am (Updated Jan 10, 2018 at 7:37 pm)

Qatar Re gets green light for London branch

What you
Need to
Know
1. For a smooth experience with our commenting system we recommend that you use Internet Explorer 10 or higher, Firefox or Chrome Browsers. Additionally please clear both your browser's cache and cookies - How do I clear my cache and cookies?
2. Please respect the use of this community forum and its users.
3. Any poster that insults, threatens or verbally abuses another member, uses defamatory language, or deliberately disrupts discussions will be banned.
4. Users who violate the Terms of Service or any commenting rules will be banned.
5. Please stay on topic. "Trolling" to incite emotional responses and disrupt conversations will be deleted.
6. To understand further what is and isn't allowed and the actions we may take, please read our Terms of Service
7. To report breaches of the Terms of Service use the flag icon

  • Take Our Poll

    • "What do you see as best for the future of Bermuda's energy?"
    • Belco Plan
    • 13%
    • Bermuda Better Energy Plan
    • 68%
    • Other
    • 19%
    • Total Votes: 2308
    • Poll Archive

    Today's Obituaries

    eMoo Posts