Qatar Re Gets Approval To Domicile In Bermuda

December 3, 2015

Qatar Reinsurance Company Ltd has completed the process of re-­domiciling to Bermuda, and has been granted a Class 4 licence from the Bermuda Monetary Authority [BMA], following all regulatory approvals, effective today [Dec 3].

“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,” the company said.

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.”

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  1. aceboy says:

    No comments from the PLP brigade? Not even a “Where’s my jawb?”

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