Qatar Re granted licence to operate in Dubai

Reinsurer Qatar Re has been granted a licence to operate in and from the Dubai International Financial Centre (DIFC) by the Dubai Financial Services Authority (DFSA).

From its offices in the DIFC, Qatar Re will offer facultative and treaty reinsurance covering marine, aviation and transport, property, construction and engineering, energy, liabilities and personal accident to clients from the Middle East, Africa and Asia.

The DIFC branch office will be headed by Nabih Massaad, senior executive officer, and will commence operations with a staff of eight employees, mostly in underwriting roles.

The firm also noted that a new service entity called Qatar Reinsurance Services (QRS), formed in Qatar, will supply important services to Qatar Re and other group operations including management accounting, claims administration and actuarial services.

“The branch licence from the DFSA is yet another milestone in our strategy of expanding Qatar Re’s global franchise,” said Gunther Saacke, chief executive officer of Qatar Re.

“In a marketplace under pressure from commoditization, proximity to clients and first hand market insight are key to providing added value services and bespoke products across the region.”

Massaad added: “We are thrilled to be expanding to the DIFC, one of the world’s fastest growing reinsurance hubs. Our underwriting platform in the DIFC will give Qatar Re further momentum in expanding its footprint in the Middle East, Africa and parts of Asia.

“Due to our origins in the Middle East, Qatar Re has an excellent grasp of the region’s risk management and reinsurance needs. We are keen to offer our clients the best personalised service.

“Our branch in the DIFC provides us with the access to these growing markets and to support our clients with our specialty and facultative products.”