Q-Re, a wholly-owned subsidiary of Qatar Insurance Company, has announced that it is awaiting regulatory approval to expand into Bermuda.
Headquartered in Doha, Q-Re also has a branch office in Zurich. This announcement coincides with the company’s appointment of Gunther Saacke as company CEO.
Q-Re’s move onto the Island reflects its stated mission to be a leading global reinsurance company with strong franchises in the Americas, Europe, Asia-Pacific and the Middle East and Africa by 2025. The reinsurer currently writes casualty, property lines and speciality lines.
Brad Kading, president and executive director of the Association of Bermuda Insurers and Reinsurers spoke to Bermuda:Re about Q-Re’s proposed entrance into the Bermuda market.
He commented: “Q-Re’s goal of being a top ten reinsurer is ambitious. This is a difficult market to grow in; with little investment income, underwriting profits are essential. The demand for reinsurance needs to expand in order to make market share growth economically desirable.”
“Bermuda welcomes quality underwriters and their talent to the Island. Q-Re’s move simply demonstrates the importance of the Bermuda market to the global economy. Welcome aboard.”
Q-Re also spoke to Bermuda: Re about its decision to enter the Bermuda market.
What attracted Q-Re to Bermuda?
Bermuda is an important reinsurance market for property cat and other commercial lines business. In addition, it is a springboard into the US market. Since Q-Re will be a truly globally diversified reinsurer a significant presence in Bermuda is a strategic imperative from day 1.
What role will the Bermuda office play in Q-Re's global operations?
Bermuda plays a key role in Q-Re's growth plan. We aim for a regional presence with Doha as our headquarters, Zurich and Bermuda as reinsurance branches and London as a representative office.
When can we expect the Bermuda office to be up and running?
We have filed for regulatory approval. Once that has been granted, we are fully operational.
Are there any more plans for expansion in the works?
Q-Re is adding employees to its four locations as we speak. Doha has currently 28 employees, Zurich 24. London and Bermuda are growing, too.
Q-Re, Bermuda, ABIR, reinsurance, new office