Qatar News

World Cup Insurers Face Many Claims, Disputes Over Russia, Qatar

World Cup insurers are likely to refuse to pay out on many cancellation contracts if Russia and Qatar lose the rights to hold the tournaments because of fraud, industry experts said. Russia and Qatar could be stripped of their World …

Couple Held In Qatar File Suit in California Against Company

A Southern California couple who were held in Qatar for nearly two years before they were cleared in the death of their 8-year-old daughter have sued the engineering firm that sent them overseas. The Los Angeles Times reports that Matt …

Best Assigns ‘A’ Ratings to Qatar Insurance SAQ and Main Subs

A.M. Best Europe – Rating Services Limited has assigned a financial strength rating of ‘A’ (Excellent) and issuer credit ratings of “a” to Qatar Insurance Co SAQ (QIC) and its main subsidiaries: QIC International LLC (QICI) and Q-Re LLC (Q-Re). …

Senior Reinsurance Execs to Join Q-Re in Establishing ‘Global Franchise’

Q-Re, a subsidiary of Qatar Insurance Company (QIC), headquartered in Doha, Qatar, announced additions to a team of senior reinsurance underwriters and professionals who “will drive the establishment of the company’s future franchise as a global reinsurer writing all major …

Ratings Roudup: PMG (Sony), Qatar General, Al Ittihad

A.M. Best Co. has affirmed the financial strength rating (FSR) of ‘A’ (Excellent) and issuer credit rating (ICR) of “a” of Bermuda-based PMG Assurance Ltd., both with stable outlooks. The ratings reflect PMG’s “excellent capitalization, historically strong operating performance and …

AXA Appoints Droesch as CEO – Gulf Region

The French-based AXA Group has appointed Jérôme Droesch as CEO for the Gulf region. He was previously Regional CEO for the South-West region of AXA France, and replaces Jean-Louis Laurent Josi, who has been named CEO of AXA Japan. Droesch, …

Foreign Insurers Need Adaptability to Share in Gulf Market

International insurers seeking a bigger share of the potentially lucrative Gulf market need to adapt quickly to regulatory changes and tap into growth areas like Islamic finance or risk being muscled out of consolidation. With a penetration rate of around …

AIA IPO Seeks up to $14.9 Bn

American International Group Inc (AIG) plans to raise up to $14.9 billion through an IPO of its Asian life insurance unit AIA Group Ltd, according to a document obtained by Reuters on Monday. The Hong Kong-based company plans to raise …

Source: Kuwait’s Investment Authority Commits $1 Billion to AIA IPO

American International Group Inc received a $1 billion commitment from Kuwait Investment Authority for the IPO of its Asian unit, the first major investment inked before the mega offering’s roughly $15 billion launch. KIA, the country’s sovereign wealth fund, is …

Japan Analyzing Damage to Tanker in Hormuz Strait

Checks on a Japanese oil tanker, damaged by a mystery explosion near the Strait of Hormuz oil shipping route, found a soot-like substance in a large dent in its hull, the Transport Ministry in Tokyo said on Wednesday. (See IJ …