Qatar Re reported net income of $16 million in 2014, compared to $0.5 million in the previous year, just two years after the Company’s strategic repositioning as a global reinsurer. Gross written premiums increased by 60 percent to $536 million from $337 million in 2013. Investment income grew by 40 percent to $27 million.
Qatar Re’s CEO Gunther Saacke commented: “In 2014 we firmly established ourselves as a Top 50 global reinsurer. Our strong financial performance testifies to our accomplishments in building a resilient book of business, growing our client franchise, improving our systems and establishing a powerful team of acknowledged reinsurance professionals. After significant upfront investments in staffing and infrastructure, we are now starting to see attractive earnings coming through.
“In 2015 we will maintain our momentum. The January renewals generated premium growth of 25 percent on our renewable book. Qatar Re will further grow and diversify, both in terms of geographies and in lines of business.”
The bulletin noted that “Qatar Re focuses on knowledge-intensive specialty business, which it pursues through strong teams with acknowledged technical expertise and longstanding experience in the industry. As a result, the Company already assumes lead positions on select panels.
The net underwriting result came in at $27 million, compared with $11 million in the previous year. The technical margin on its net premiums written, after significant intra-group cessions increased from 8 percent in 2013 to 15 percent during the reporting period.
“Furthermore the portfolio’s diversification continued to improve. The combined share of the three largest classes – motor/casualty, property and agriculture – decreased from 75 percent to 61 percent.
“In the past year, Qatar Re’s North American business has grown considerably as the Company’s Bermuda branch became fully operational. The Americas now account for 24 percent of the total portfolio, up from 14 percent. By contrast European business decreased in share from 52 percent to 48 percent.”
Source: Qatar Re
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