Qatar Reinsurance Company LLC (Qatar Re) has announced its intention to transfer its seat of incorporation from the Qatar Financial Centre to Bermuda, during the fourth quarter of 2015. The move is subject to regulatory approvals.
The announcement explained that when the move is completed “Qatar Re will become a Class 4 reinsurer regulated by the Bermuda Monetary Authority and will merge with the Qatar Insurance Group’s existing Bermuda incorporated reinsurer, Antares Reinsurance Limited.
“This will result in Qatar Re’s capital base increasing to approximately $500 million. Qatar Re will continue to benefit from a parental guarantee from Qatar Insurance Company S.A.Q. and the existing A / Stable and A (Excellent) credit ratings from Standard & Poor’s and A.M. Best.”
Qatar Re also explained that it “intends to maintain a presence in the Qatar Financial Centre with the establishment of a branch office and will continue to operate its existing branch office in Zurich and representative offices in London and Singapore. The establishment of a further branch office in the Dubai International Financial Centre is awaiting regulatory approval.”
Qatar Re’s CEO Gunther Saacke commented: “As a global reinsurance franchise, we have to be present in the key reinsurance centers worldwide. Moving Qatar Re’s headquarters to Bermuda will consolidate capital and further enhance the international scope of our business and proximity to our clients”.
Source: Qatar Re
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