Qatar Insurance Company posts strong Q1 results
Qatar Insurance Company, which earlier this year secured access to Lloyd’s through the acquisition of Antares, enjoyed solid growth and a big jump in its net profit for the first quarter of 2014.
The company reported a 4 percent growth in its gross premiums written to QR1.11 billion ($300 million) while its net profit jumped by 12 percent to QR316.48mn in the first three months boosted by both a growth in premium income and improving investment earnings.
The amount of business ceded to reinsurance companies dropped, however, falling by 32 percent to QR157.18 million. This meant the company’s net premiums also grew strongly by 13 percent QR957.15 million. Investment income grew by 19 percent to QR221.9 million.
Qatar Insurance Company’s acquisition of Antares providing it with access to Lloyd’s through Syndicate 1274 and Antares’ own integrated managing agency, as well as bringing a Bermudian platform with a Class 3 reinsurance license. The deal is subject to UK, Bermudian and Qatari regulatory approvals and is expected to close in the second half of 2014.
The deal outlined the company’s intentions to develop a global presence as a business. Khalifa Al Subaey, president and CEO of QIC said at the time: “The acquisition of Antares is another important milestone in QIC’s internationalisation strategy. Antares will help QIC to build a significant global property & casualty and specialty insurance footprint.”