Qatar Re ranked among top 50 reinsurers

Date

9/7/2015 1:12:42 AM

(MENAFN- The Peninsula)Khalifa A Al Subaey QIC Group President & CEO

DOHA: Qatar Re a global multi-line reinsurer and a reinsurance subsidiary of Qatar Insurance Company (QIC) has been ranked among top 50 reinsurers by international credit rating agency A M Best.

The top 50 ranking primarily reflects Qatar Re’s very strong capital base and well diversified portfolio which is coupled with global business diversification serving global reinsurance markets.

Headquartered in Doha Qatar Re focuses mainly on specialty and knowledge intense business and writes all major property casualty and specialty lines of reinsurance business.

Authorised and regulated by the Qatar Financial Centre Regulatory Authority (QFCRA) Qatar Re is backed by full parental guarantee from QIC Group and had net shareholders’ equity of $287m as of June 30 2015 QIC noted in a filing to Qatar Exchange (QE) yesterday.

Qatar Re ranked amongst top 50 global reinsurers on the basis of unaffiliated Gross Written Premium in 2014. Besides having a strong track record of operational performance and robust underwriting the company also wrote Non-Life Reinsurance Premiums worth $536m in 2014.

Commenting on this achievement Khalifa A Al Subaey QIC Group President & CEO said: “We are extremely delighted with Qatar Re’s top 50 ranking. In order to support the rapid expansion of Qatar Re we have made significant enhancements in group-wide risk management and have incorporated new strategic decisions to further support the growth of the company.

“Qatar Re’s dynamic growth and new ranking is a key driver for enabling more capital injection and efficient capital management to further grow its book of business and expand its global franchise both in terms of product offerings and geographies.”

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