DOHA: Qatar Insurance Company (QIC) has reached an agreement to acquire the entire share capital of Antares Holdings Limited, together with its subsidiaries ‘Antares’.
Antares is a leading specialist insurer and reinsurer operating in the Lloyd’s market.
Financial terms of the transaction have not been disclosed.
The acquisition of Antares will provide QIC with access to Lloyd’s through Syndicate 1274 and Antares’ own integrated managing agency, as well as bringing a Bermudian platform with a Class 3 reinsurance licence.
The transaction, which is subject to UK, Bermudian and Qatari regulatory approvals, is expected to close in the second half of 2014.
Khalifa Al Subaey, Group President and CEO of QIC, said: “The acquisition of Antares is another important milestone in QIC’s internationalisation strategy. Antares will help QIC build a significant global property and casualty and speciality insurance footprint.”
Sunil Talwar, Deputy CEO and Group CFO of QIC added: “Antares has developed into a highly successful franchise under the stewardship of Lightyear Capital and Stephen Redmond.
Antares’ robust and diversified underwriting platform perfectly complements our group’s existing global operations. We look forward to welcoming Stephen and his team into the QIC Group and building on the profitable growth that has been achieved thus far.”
Stephen Redmond, Managing Director of Antares said: “We are very proud of the significant progress that we have made since the formation of Antares in 2007 and of the achievements that the company has made under the guidance of our current shareholders.”
“We are excited about becoming part of QIC and believe that Antares and QIC have complementary models built around an aligned underwriting philosophy. As part of QIC, Antares will be a stronger business that will be well placed for the future,” he said.
The Peninsula
