25 October 2016News

Qatar Re’s move to Bermuda brings in more US business

Qatar Re's relocation to Bermuda has allowed the company to move even closer to its clients in the Americas, their markets and lines of business, according to Luke Roden, head of ceded re and global head of catastrophe at Qatar Re.

The reinsurer has been licensed as a class 4 reinsurer in Bermuda since September 2015 and recently Qatar Re made a decision to move to the island.

“We have grown to become a global, multiline, composite reinsurer which operates with flat hierarchies, empowered decision-making authority and the flexibility to serve our clients in the best possible way,” Roden said.

“Qatar Re has a clear strategy when it comes to doing business in North America, as we are in the market for the long run.”

According to Qatar Re’s global head of catastrophe, the company’s North American book of business is approximately 10 percent of its overall portfolio.

Roden said that the move has “further enhanced Qatar Re’s position in the North American market, given the strong recognition of the Bermuda Monetary Authority.”

“We are not afraid of regulation, as high standards and being held accountable count just as much. While the market remains competitive, we keep our focus on the right terms and conditions, as it is significantly more important to get the wording right, rather than simply to achieve higher premiums and then get stuck with higher losses in the end,” Roden added.

“The continued soft market cycle remains a challenge for all industry players, but we are committed to working alongside our clients and business partners,” Roden concluded.