Qatar Insurance Co., the largest insurance company in the Middle East, said it has completed acquisition of Antares Holdings Limited, a specialist insurance and reinsurance group operating in the Lloyd’s market.
The company said all necessary regulatory approvals for the acquisition have been obtained.
The acquisition of Antares expands QIC’s global footprint through access to Lloyd’s Syndicate 1274 and Antares’ own managing agency, as well as a Bermudian platform with a Class 3 reinsurance license.
Khalifa Al Subaey, group president and CEO of QIC, said the acquisition of Antares “significantly accelerates” his firm’s plan to become a a global insurance group.
He said QIC is now generating more than 50 percent of its premium volume in international markets.
Antares will continue to operate under its own brand at Lloyd’s.