Qatar Reinsurance Company has re-domiciled to Bermuda.
The company has simultaneously been granted a Class 4 licence from the Bermuda Monetary Authority (BMA), which is effective from today (3 December, 2015).
As part of the redomiciling process Qatar Re’s capitalisation will increase to approximately $500 million (£335 million), according to the firm.
Qatar Re also said it will continue to benefit from a parental guarantee from Qatar Insurance Company SAQ (QIC) and from the existing A/Stable and A (Excellent) ratings from Standard & Poor’s and AM Best.
“Looking at the exciting development of our company over the recent years our move to Bermuda marks a significant milestone on our journey to becoming one of the most sought after partners in our industry,” said Gunther Saacke, chief executive officer of Qatar Re.
“Bermuda was a natural choice for us due to its international reputation and proximity to the US market, along with its anticipated Solvency II equivalence. The regime’s recognition gained over decades of proven reliability stands for uncontested best practices and will support our ability to access and compete throughout the world’s markets in a credible manner.”
Qatar Re said the combination of its relocation to Bermuda, its development of international platforms in key locations worldwide and the Class 4 licence will benefit the company in expanding its client base through additional products and underwriting expertise as well as an increased market scope and presence.
The reinsurer also has offices in London and Singapore and a branch in Zurich and cooperates closely with QIC Europe based in Malta. Additionally, the firm was recently granted a licence to underwrite in the Dubai International Financial Centre.
With these moves completed the company said it is able to provide more underwriting, product and capital solutions to both existing and new clients.
“With our relocation to Bermuda, Qatar Re is also moving closer to the broker community,” added Saacke.
“Along with our existing cedants I am looking forward to further developing this network and introducing them to our entrepreneurial and practical approach. As this is only a transfer of incorporation to Bermuda of our existing company and not a start-up, all functions and services are in place and we are ready to write business.”
Alastair Speare–Cole, chief underwriting officer of Qatar Re, added: “This move enhances our ability to pursue our three main styles of reinsurance. Qatar Re supports insurance entrepreneurs with capital and capacity, delivers reinsurance solutions to those for whom client, geographic or class expertise are important and builds diversity in the more transactional types of reinsurance.”
Qatar Re, Gunther Saacke, Alastair Speare–Cole, Bermuda