Q-Re Pursuing Bermuda Expansion Plans
The Qatari firm Q-Re has hired former Sagicor at Lloyd’s underwriter Luke Roden to write a book of property catastrophe reinsurance out of Bermuda, industry journal magazine “The Insurance Insider” reported on Monday [Apr. 29].
Q-Re had previously indicated its commitment to creating a Bermuda platform – in addition to its operations in London and Zurich – as it looks to expand at breakneck pace.
Earlier this year Q-Re’s parent company, Qatar Insurance Company [QIC], announced a five-year expansion plan which included the establishment of “branches and representative offices in three of the reinsurance centres of the globe, which is Zurich, London and Bermuda.”
“During the second half of 2012 Q-Re started to work on improving its team through recruiting an elite group of underwriters specialised in international risks, this team is supported with expert actuaries, Cat modelling specialists and professionals,” QIC said in a statement.
In February Gunther Saacke [pictured], the former head of reinsurance at Endurance in London and chief executive officer of Novae Re, was named CEO of Q-Re and charged with responsibility for implementing the expansion plan.
In a statement Q-Re said Mr Saacke will “lead a team of senior and well-known reinsurance professionals in order to transform Q-Re into a global multi-line reinsurer with a focus on speciality lines. The new CEO and his team are committed to establishing Q-Re as a leading global reinsurance franchise based in Doha, Qatar, with offices in Zurich, London and Bermuda.”
