The Board of Directors of Qatar Insurance Company (QIC) held its fourth meeting in 2017 on 13 June chaired by Sheikh Khalid bin Mohammed bin Ali al-Thani, the Chairman of the Board and Managing Director. The Board discussed the performance of the company during the period from January to May 2017 and stated that QIC Group made further progress in the pursuit of its strategic objective to enhance its portfolio diversification and geographic expansion. As a result, about 70% of QIC Group’s current premium income is generated by its international franchise outside of the Gulf Cooperation Council (GCC) region.
Qatar Re and Antares drive and lead the group’s international expansion
This impressive diversification of business has been largely achieved through the group’s subsidiary Qatar Reinsurance Company Ltd. which is based in Bermuda and licensed by the Bermuda Monetary Authority. Qatar Re has expanded its footprint globally, with local offices in all major reinsurance hubs. In 2015, Qatar Re was ranked among the top 35 global non-life reinsurers according to A.M. Best, a rating agency.
In addition, QIC Group succeeded in diversifying its underwriting portfolio through its Lloyd’s of London platform Antares which is located in the world’s leading specialty lines insurance centre. The syndicate underwrites specialty insurance risks, contributing to QIC Group’s diversification by geography and line of business. In 2016 Antares joined the Lloyd’s China platform in Shanghai.
QIC Group also expanded its direct insurance activity in continental Europe through its subsidiary QIC Europe Limited (QEL), located and registered in Malta.
QIC Group’s excellent financial strength underpins its service proposition to global clients
Testifying to its financial strength QIC Group is rated “A/Stable” by Standard & Poor’s and “A (Excellent)” with a stable outlook by A.M. Best. Khalifa Al Subaey, Group CEO, stressed that the continued expansion of QIC Group’s global footprint reflects its utmost commitment to creating shareholder value through a disciplined implementation of the Group’s strategic plan, regardless of current economic and political headwinds.