Khalifa Abdulla Turki Al Subaey, Group President & CEO, QIC Group.
DOHA: Qatar Re, a global multi-line reinsurer and a reinsurance subsidiary of Qatar Insurance Group has been ranked 27th among top fifty global reinsurers by international credit rating agency, A.M. Best.
The new assigned ranking affirms Qatar Re’s very strong capital base and well diversified portfolio, which is coupled with global business diversification, serving global reinsurance markets.
Qatar Re’s new ranking was assigned on the basis of unaffiliated Gross Written Premium (GWP) in 2017. Besides having a strong track record of operational performance and robust underwriting, the reinsurer also wrote non-life reinsurance business worth QR1,626m in 2017.
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 & casualty and specialty 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 30th June, 2018, Qatar Re has a net shareholders’ equity of QR697m.
Commenting on this recent achievement, Khalifa Abdulla Turki Al Subaey, Group President & CEO of QIC Group stated, “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 percent of the total Gross Written Premium (GWP), contributing significantly towards the national economy and facilitating the realization of Qatar National Vision (QNV) 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.”
