Middle East News - Qatar Re completes move to domicile in Bermuda
Source: Middle East Insurance Review | Jan 2016
Qatar Reinsurance Company (Qatar Re) has completed the process of re-domiciling to Bermuda, and has been granted a licence from the Bermuda Monetary Authority (BMA), following all regulatory approvals.
As part of the re-domiciling, Qatar Re’s capitalisation will be increased to approximately US$500 million. The company will continue to benefit from a parental guarantee from Qatar Insurance Company (QIC) and from the existing ‘A’/ Stable and ‘A’ (Excellent) ratings from Standard & Poor’s and A.M. Best.
Mr Gunther Saacke, CEO of Qatar Re, said: “Our move to Bermuda marks a significant milestone in our journey to becoming one of the most sought-after partners in our industry. 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.”
The combination of Qatar Re’s relocation to Bermuda, its development of international platforms in key locations worldwide and the licence from BMA will benefit the company in expanding its client base through additional products and underwriting expertise as well as an increased market scope and presence, said the company in a statement.
“With our relocation to Bermuda, Qatar Re is also moving closer to the broker community,” said Mr 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.”