Qatar Re, a global multi-line reinsurer and a reinsurance subsidiary of Qatar Insurance Company, (QIC), has been ranked amongst top fifty reinsurers by international credit rating agency, A.M. Best. The top fifty ranking primarily reflects Qatar Re’s very strong capital base and well diversified portfolio, which is coupled with global business diversification, serving global reinsurance markets.
Headquartered in Doha, Qatar Re focuses mainly on specialty and knowledge intense business and writes all major property, casualty and specialty lines of reinsurance business. Authorized and regulated by the Qatar Financial Centre Regulatory Authority (QFCRA), Qatar Re is backed by full parental guarantee from QIC Group and had net shareholders equity of USD 287 million as of 30th June, 2015.
Qatar Re ranked amongst top 50 global reinsurers on the basis of unaffiliated Gross Written Premium in 2014. Besides having a strong track record of operational performance and robust underwriting, the company also wrote Non-Life Reinsurance Premiums worth USD 536 million in 2014.
Commenting on this achievement, Mr. Khalifa A. Al Subaey, QIC Group President & CEO stated, “We are extremely delighted with Qatar Re’s top 50 ranking. In order to support the rapid expansion of Qatar Re, we have made significant enhancements in group-wide risk management and have incorporated new strategic decisions to further support the growth of the company.”
He further said, “Qatar Re’s dynamic growth and new ranking is a key driver for enabling more capital injection and efficient capital management to further grow its book of business and expand its global franchise, both in terms of product offerings and geographies.”
Established in 2009, Qatar Reinsurance Company LLC (Qatar Re) is the reinsurance affiliate of Qatar Insurance Company (QIC), the largest composite insurer in the Middle East, based in Doha, Qatar. Qatar Re, also headquartered in Doha, has branch offices in Zurich and Bermuda as well as representative offices in London and Singapore. The Company is authorized and regulated by the Qatar Financial Centre Regulatory Authority (QFCRA), being a registered company at the Qatar Financial Centre (QFC Registration Code 0117). Qatar Re is backed by a full parental guarantee by QIC Group which is capitalized at USD 1.6 billion with a market capitalization of USD 4 billion as of 31 December 2014. Qatar Re is rated “A/Stable” by Standard and Poor’s and A (Excellent) by A. M. Best and benefits from QIC’s strong and growing capital base. Qatar Re writes all major property, casualty and specialty lines of business. For further information on Qatar Re please visit www.qatarreinsurance.com.
Qatar Insurance Company (QIC) is a publicly listed composite insurer with a consistent performance history of 50 years and an underwriting footprint across the Middle East, Africa and Asia. Founded in 1964, QIC was the first domestic insurance company in the State of Qatar. Today, QIC is the market leader in Qatar and a dominant insurer in the GCC and MENA region. QIC is one of the highest rated insurers in the Gulf region with a rating of “A/Stable” from Standard & Poor’s and “A/Excellent” by A.M. Best. In terms of profitability, market capitalization and gross premiums written, QIC is the largest insurance company in the MENA region. It is listed on the Qatar Exchange, with a market capitalization of USD 4.0 billion as of December 31, 2014. For further information on QIC, please visit www.qatarinsurance.com.