Qatar Insurance Company SAQ (QIC) announced that it has reached agreement to acquire the entire share capital of Antares Holdings Limited, together with its subsidiaries, a specialist insurer and reinsurer operating in the Lloyd’s market.
QIC said the acquisition of Antares “will provide with access to Lloyd’s through Syndicate 1274 and Antares’ own integrated managing agency, as well as bringing a Bermudian platform with a Class 3 reinsurance license.”
The transaction is subject to UK, Bermuda and Qatari regulatory approvals. It is expected to close in the second half of 2014. Financial terms of the transaction have not been disclosed.
Khalifa Al Subaey, Group President and CEO of QIC said: “The acquisition of Antares is another important milestone in QIC’s internationalization strategy. Antares will help QIC to build a significant global property & casualty and specialty insurance footprint.”
Sunil Talwar, Deputy CEO & Group CFO of QIC added: “Antares has developed into a highly successful franchise under the stewardship of Lightyear Capital and Stephen Redmond.
Antares’ robust and diversified underwriting platform perfectly complements our group’s existing global operations. We look forward to welcoming Stephen and his team into the QIC Group and building on the profitable growth that has been achieved thus far.”
Redmond, Managing Director of Antares described the acquisition by QIC as recognition of the “significant progress that we have made since the formation of Antares in 2007 and of the achievements that the company has made under the guidance of our current shareholders.
“We are excited about becoming part of QIC and believe that Antares and QIC have complementary models built around an aligned underwriting philosophy. As part of QIC, Antares will be a stronger business that will be well placed for the future,” he added.
Source: Qatar Insurance Company SAQ (QIC)