Al-Subaey: New strategic decisions to support growth.
Global multi-line reinsurer Qatar Re, a reinsurance subsidiary of Qatar Insurance Company (QIC), has been ranked among the top 50 reinsurers by international credit rating agency, A.M. Best.
The top 50 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, the company said.
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. Authorised 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 $287mn as of June 30.
Qatar Re ranked among the 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 $536mn in 2014.
QIC Group president & CEO Khalifa A al-Subaey said, “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.”
Qatar Re has been rated “A/Stable” by Standard & Poor’s and A (Excellent) by A. M. Best and benefits from QIC’s strong and growing capital base.
