Licensed as a Class 4 reinsurer by the Bermuda Monetary Authority (BMA), Qatar Re is headquartered in Bermuda. Through its branch offices located in major reinsurance hubs in Zurich, London, Dubai, Singapore, and a service company in Doha, Qatar Re writes all major property and casualty and speciality lines of business. Connecting its years of experience and expertise at technical underwriting, Qatar Re services its customers with acuity and dexterity. Qatar Re continues to benefit from a rating of ‘A/Stable’ from S&P Global Ratings and ‘A (Excellent)’ from A.M. Best. QIC derives its financial strength from its parent Qatar Insurance Group. As of June 30, 2018, Qatar Re has a net shareholders’ equity of QR697mn.
On the recent achievement, QIC Group president & CEO Khalifa A Turki al-Subaey said, “We are extremely delighted with Qatar Re’s recent ranking. This development is a very significant milestone in QIC Group’s growth strategy. It clearly demonstrates how the board of directors’ vision that was formulated in 2012 is being accomplished and also highlights the trust and level of confidence of QIC Group’s shareholders and investors. Today, our international portfolio generates more than 70% of the total GWP, contributing significantly towards the national economy and facilitating the realisation of Qatar National Vision 2030.”
He further said, “In order to support the rapid expansion of Qatar Re, we have made significant enhancements in group-wide risk management and have incorporated new strategic decisions to further support the growth of the company. “Qatar Re’s dynamic growth and new ranking is a key driver for enabling more capital injection and efficient capital management to further grow its book of business and expand its global franchise, both in terms of product offerings and geographies.”
Sources and photo-credits: Gulf Times