Qatar Insurance enters Lloyd’s with Antares acquisition
Qatar Insurance Company (QIC) is to acquire Antares Holdings, a specialist insurer and reinsurer operating in the Lloyd’s market.
The acquisition of Antares will provide QIC 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 transaction, which is subject to UK, Bermudian and Qatari regulatory approvals, is expected to close in the second half of 2014. Financial terms of the transaction have not been disclosed.
Khalifa Al Subaey, president and CEO of QIC said: “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.”
Sunil Talwar, deputy CEO & Group CFO of QIC, added: “Antares has developed into a highly successful franchise under the stewardship of Lightyear Capital and Stephen Redmond. Antares’ robust and diversified underwriting platform perfectly complements our group’s existing global operations. We look forward to welcoming Stephen and his team into the QIC Group and building on the profitable growth that has been achieved thus far.”
Stephen Redmond, managing director of Antares said: “We are very proud of the significant progress that we have made since the formation of Antares in 2007 and of the achievements that the company has made under the guidance of our current shareholders. We are excited about becoming part of QIC and believe that Antares and QIC have complementary models built around an aligned underwriting philosophy. As part of QIC, Antares will be a stronger business that will be well placed for the future.”