Qatar Reinsurance Company Limited has announced that with effect from 20 July 2018, it has ceased writing new and renewal business from its branch office in Singapore.
The Company will work closely with its Singapore-based staff, its clients and broking partners and regulators to ensure the orderly administration of existing business written from the branch. This decision does not affect Qatar Re’s sister company, Antares Asia, which continues to participate on the Lloyd’s Asia Platform.
Gunther Saacke, Qatar Re’s CEO, commented: “Like many of our peers, we have been looking very closely at our business with a view to enhancing underwriting profitability and operational efficiency in what continues to be a very challenging environment for global reinsurers. As a reinsurer committed to the long-term sustainability of our business, it is appropriate that we should continue to reflect on the performance of our underwriting portfolio and the effectiveness of our distribution network and to adapt our approach where we believe this to be in the best interests of the Company, our policyholders and our shareholder. We remain committed to providing the highest levels of service to all our clients and broking partners across our global franchise.”
About Qatar Re
Qatar Re is authorised by the Bermuda Monetary Authority as a Class 4 insurer and is a global multiline reinsurer writing all property, casualty and specialty lines of business. The Company operates from its headquarters in Bermuda and branch offices in London, Zurich, Singapore and the Dubai International Financial Centre. For further information about Qatar Re, please visit our website at www.qatarreinsurance.com.
About QIC Group
Founded in 1964, QIC is the ultimate parent of the QIC Group of companies and a leading publicly listed insurer with an underwriting footprint across the Middle East, Africa and Asia. QIC was the first domestic insurer in Qatar and is currently the largest insurance company in the Middle East and North Africa with a market capitalisation in excess of US$ 3bn and among the highest rated insurers in the Gulf region with a rating of A/Stable from S&P Global and A/Excellent from A. M. Best.