Bermuda’s status as the global hub of choice for risk transfer has been given a big boost by the news that Qatar Re, a subsidiary of Qatar Insurance Company, will re-domicile its main operating company to Bermuda.
The proposed change, which will mean the company’s seat of incorporation will move from the Qatar Financial Centre to Bermuda, is expected to take place in the fourth quarter of this year, subject to regulatory approvals.
The news a big boost for Bermuda, which has seen some other international re/insurers re-domicile from Bermuda to Zurich, Switzerland, in recent years.
Gunther Saacke, Qatar Re’s chief executive officer, said the move was for two reasons: to consolidate its capital with its existing Bermuda incorporated reinsurer, Antares Reinsurance, and to move the business closer to its clients.
Once it has merged with Antares Reinsurance, Qatar Re’s capital base will increase to approximately $500 million. This will mean the company will become a Class 4 reinsurer, regulated by the Bermuda Monetary Authority.
The firm said it aims to maintain a presence in the Qatar Financial Centre by establishing a branch office and will continue to operate its existing office in Zurich and representative offices in London and Singapore. Another office based in the Dubai International Financial Centre is awaiting regulatory approval.
Gunther Saacke, Qatar Re’s chief executive officer, said: “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.”
Qatar Re, Qatar Insurance Company, Bermuda Monetary Authority, Antares Reinsurance, Gunther Saacke, Asia-Pacific, Bermuda