QATAR Re receives regulatory approval to domicile in Bermuda

3 December 2015 — Daniela GHETU
QATAR Reinsurance Company Ltd announced that it has completed the process of re-domiciling to Bermuda. At the same time the company has been granted a Class 4 licence from the Bermuda Monetary Authority (BMA), following all regulatory approvals, effective today, December 3rd. As part of the re-domiciling QATAR Re's capitalisation will increase to approximately USD 500 million. The company will continue to benefit from a parental guarantee from QATAR Insurance Company S.A.Q. (QIC) and from the existing A / Stable and A (Excellent) ratings from Standard & Poor's and A.M. Best.

Gunther SAACKE, Chief Executive Officer of QATAR Re says: "Looking at the exciting development of our company over the recent years our move to Bermuda marks a significant milestone on 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 Class 4 licence will benefit the company in expanding its client base through additional products and underwriting expertise as well as an increased market scope and presence. Having opened offices in London and Singapore and a branch in Zurich, QATAR Re also cooperates closely with QIC Europe Limited (QEL) based in Malta.

In addition, QATAR Re recently has been granted a licence to underwrite in the Dubai International Financial Centre. With these moves completed the company is able to provide more underwriting, product and capital solutions to both existing and new clients.

"With our relocation to Bermuda, QATAR Re is also moving closer to the broker community," continues Gunther 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."

Alastair Speare-Cole, QATAR Re's Chief Underwing Officer adds: "This move enhances our ability to pursue our three main styles of reinsurance. QATAR Re supports insurance entrepreneurs with capital and capacity, delivers reinsurance solutions to those for whom client, geographic or class expertise are important and builds diversity in the more transactional types of reinsurance."

About QATAR Re

QATAR Re, licensed as a Class 4 reinsurer by the Bermuda Monetary Authority (BMA), is a global multi-line reinsurer writing all major property and casualty and specialty lines of business. It has teams of experienced underwriting and financial professionals combining in-depth technical and business expertise with industry experience across all international markets. QATAR Re is close to the world's major reinsurance markets and its clients' core operations through its global network of offices. QATAR Re is backed by a parental guarantee from QATAR Insurance Company S.A.Q. (QIC) and benefits from QIC's substantial and growing capital base. QIC has a market capitalisation in excess of USD 4.3 billion. QATAR Re is rated A/Stable by Standard and Poor's and A (Excellent) by A. M. Best. QATAR Insurance Company S.A.Q. has an A / Stable and A (Excellent) ratings from Standard & Poor's and A.M. Best.

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