Qatar Reinsurance Co. Ltd. (Qatar Re) has announced it will suspend the writing of all new and renewing facultative business from its branch office in the Dubai International Financial Centre.
However, facultative coverage will continue to be provided by the QIC Group’s other operations, the company explained in an emailed statement.
As the largest S&P ‘A’-rated Insurer in the MENA region, QIC Group is fully committed to servicing the region “from its hubs in Dubai, Oman and Kuwait as well as from Doha and where applicable through its wholly owned Lloyd’s Syndicate Antares,” said the company’s statement.
“During the past year, Qatar Re – in conjunction with the wider QIC Group – has been carrying out a strategic review of its business with the objective of boosting underwriting profitability and operational efficiency and realizing its strategic objectives,” said Gunther Saacke, Qatar Re’s CEO. “We remain committed to providing the highest levels of service to all our clients and broking partners across our global franchise.”
Source: Qatar Re
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