With over two-third of Qatar Insurance Group’s business now contributed by its international operations, the Group noted that it has successfully achieved its strategic objective of “diversity and geographic expansion”.
The statement came from the Qatar Insurance Company (QIC) Board of Directors’ meeting (fourth meeting in 2017) held on Tuesday evening, which was presided over by Sheikh Khalid bin Mohammed bin Ali Al Thani, the Chairman and Managing Director of the Group.
During the meeting the board discussed the all the points on the agenda of the meeting, including a report on the performance of the company and the results of its activities during the period from January to May 2017.
Khalifa Abdulla Turki Al Subaey, Group President & CEO, QIC Group, said that the report showed that Qatar Insurance Group continued to successfully pursue its strategic objective of diversity and geographic expansion, such that over 70 percent of its business today comes from the Group’s international franchise. This diversification of business has been achieved through the group’s subsidiary, Qatar Reinsurance Company Ltd (Qatar Re) which is based in Bermuda and licensed by the Bermudian Monetary Authority.
Qatar Re has expanded its business globally and has established its offices in the major global reinsurance hubs such as Singapore, Zurich and a representative office in London.
Qatar Reinsurance Company was ranked among the top 35 global non-life reinsurers according to the credit rating agency (A M Best).
Qatar Re and Antares lead the group’s international business. The group also succeeded in diversifying its business through its Lloyds operations, Antares, which is located in one of the world’s most important insurance markets. The syndicate underwrites specialised insurance risks, contributing to the diversity of the group’s business, both geographically and through products. In 2016 the company joined the Lloyd’s China platform in Shanghai, China.
The group also managed to expand its direct insurance activity in the continent of Europe through its subsidiary Qatar Europe Limited (QEL) which is located and registered in Malta.
“The strength of the Group’s financial position enables us to serve our global clients, despite the difficult economic and political environment,” said Al Subaey. He also said that the strength of the group’s financial position has enabled it to serve its clients globally. The financial strength of the Group has contributed to maintaining its credit rating from S&P “A” Stable and “A” Excellent from A M Best.
He stressed that the continued growth of the group’s business globally reflected its utmost commitment for creating Shareholders’ value and reflecting our dedication towards implementing the group’s strategic plan successfully in a difficult economic and political environment.
The board was informed about the procedures of adjusting the nominal value of the company’s share from QR10 per share to become QR1 per share. The board approved the initiation of such procedures on the meeting held on April 25, 2017, in order to execute the decision taken by the Extraordinary General Meeting which was held on February 21, 2017. The Board was informed about the full notification of Qatar Central Bank, Qatar Financial Markets Authority, Qatar Stock Exchange and Qatar Central Securities Depository of the board’s decision in this regard, to determine their requirements.