Qatar Re to buy Markerstudy subsidiaries
Qatar Reinsurance Company (Qatar Re) has announced that it has signed an agreement to buy a number of Gibraltar-based insurance companies from Markerstudy, which underwrites more than 5 percent of the UK motor insurance market.
The companies involved in the deal include Markerstudy Insurance Company, Zenith Insurance, St Julians Insurance Company and Ultimate Insurance Company. The QIC Group has what it described as ‘an existing substantial relationship’ with Markerstudy through Qatar Re and QIC Europe.
The transaction is subject to regulatory approvals and is anticipated to complete in the first half of 2018.
“This transaction builds on the strong foundation of our existing relationship,” commented Gunther Saacke, Qatar Re’s chief executive officer. “It provides Qatar Re with a greater share of lower volatility business that has performed consistently well for us, balancing our specialty and catastrophe book. In addition, the transaction will enable us to write UK business under any post-Brexit scenario.
“Through this acquisition, Qatar Re reaffirms its commitment to supporting innovative entrepreneurship in insurance marketing, distribution and servicing.”
“For a long time we have had a tremendous relationship with Qatar Re,” said Kevin Spencer, chief executive officer of Markerstudy Group. “Their proactive approach has assisted our development and this is a natural evolution; to combine our strengths to establish a primary player in the UK insurance sector.
“This strategic alliance has three-fold benefits; it enables us to simplify our product offering and processes for our intermediaries and broker partners; it provides us with A rated capital backing, and ensures we maintain the continuity of marketing, distribution, service and support. Ultimately, this arrangement will facilitate our strategy for growth and profitability, positioning us for further success.”