A potential giant awakens


A potential giant awakens

Its recent spate of high profile appointments starkly illustrated the ambitions of Q-Re to become a global player. What is more, it brings something different to the table, as Gunther Saacke, its chief executive officer, explained to Intelligent Insurer.

While the reinsurance industry has been used to Bermudian start-ups entering the business through property-catastrophe underwriting when market conditions are ripe and then maturing into more rounded reinsurers, it is rare to find a serious new player in the industry emerge from elsewhere in the world.

Yet that is exactly what is happening, thanks to the recent recruitment drive at Q-Re, the reinsurance subsidiary of Qatar Insurance Company (QIC). The business has hired a plethora of new industry talent in recent months and has unveiled ambitious global expansion plans. And the company’s unique background and ownership could be exactly what set it apart as it looks to deliver on those plans.

Gunther Saacke, the chief executive officer of Q-Re, believes the unique ownership and capital structure of the reinsurer can offer cedants much-needed diversification on their panels away from what he calls the “vagaries of Wall Street”.

Speaking just days after taking the reins of the business, Saacke told Intelligent Insurer that one of the reasons he believes there is demand for Q-Re is that it can offer cedants a stable and alternative source of capital that offers diversification away from reinsurers funded via the capital markets. This is because its parent company QIC is ultimately owned by large Qatar-based companies, with a sizeable 20 percent stake owned by the State of Qatar.

Q-Re, Gunther Saacke, Willi Schuerch, reinsurance

Intelligent Insurer