Qatar Reinsurance To Domicile In Bermuda
Qatar Reinsurance Company LLC has announced its intention to transfer its seat of incorporation from the Qatar Financial Centre to Bermuda. The proposed transfer is expected to take place in the 4th quarter of 2015 and is subject to regulatory approvals.
The company said, “Following its continuation in Bermuda, Qatar Re will become a Class 4 reinsurer regulated by the Bermuda Monetary Authority and will merge with the Qatar Insurance Group’s existing Bermuda incorporated reinsurer, Antares Reinsurance Limited.
“This will result in Qatar Re’s capital base increasing to approximately $500m. Qatar Re will continue to benefit from a parental guarantee from Qatar Insurance Company S.A.Q. and the existing A / Stable and A [Excellent] credit ratings from Standard & Poor’s and A.M. Best.
“Qatar Re intends to maintain a presence in the Qatar Financial Centre with the establishment of a branch office and will continue to operate its existing branch office in Zurich and representative offices in London and Singapore. The establishment of a further branch office in the Dubai International Financial Centre is awaiting regulatory approval.”
“The proposed transfer of incorporation will take place following receipt of all regulatory approvals but, in any case, not less than 60 days from the date of issue of certain public notices.”
Gunther Saacke, Qatar Re’s Chief Executive Officer, commented: “As a global reinsurance franchise, we have to be present in the key reinsurance centres worldwide. Moving Qatar Re’s headquarters to Bermuda will consolidate capital and further enhance the international scope of our business and proximity to our clients”.
Excellent news. Let’s hope more from this region follow suit. It also comes on top of quite a lot of Chinese investment in this area
This sends a very important message about Bermuda. There will be some saying “how many jobs”, but the real message right now is our continuing high credibility in this sector. At a time of mergers, it’s good to see some expansion by a reinsurer.