16 February 2017Insurance

Qatar Re chief underwriting officer departs; role is split

Qatar Re, a subsidiary of Qatar Insurance Company, has promoted Luke Roden and Michael van der Straaten to the position of chief underwriting officer (CUO), following the departure of Alastair Speare-Cole.

The two executives were previously deputy CUOs reporting to Speare-Cole.

"Generational change in our company and the desire for a less hectic life-style have led Alastair to move on," said the company CEO Gunther Saacke.

Roden will take up the role of CUO - short tail classes, and will also retain his role as head of ceded reinsurance. He will remain a member of the company's executive management committee. Roden joined Qatar Re in 2012. He has worked in North America, Europe, Bermuda and the Middle East during his career.

As the CUO of long tail and speciality classes, Straaten will join the executive management committee. He moved to Qatar Re in December 2016 from ACE Tempest Re, where he held the role of deputy head of London and head of casualty, overseeing the development of their international casualty and motor business. Prior to that, he held various underwriting positions with a primary focus on casualty lines, starting with Lloyd's as a box manager and non-marine property treaty underwriter.

Saacke said: "We thank Alastair for his relentless efforts during his stint at Qatar Re. Having served in a senior and demanding role at Qatar Re, our best wishes follow Alastair as he takes on future challenges in our industry.

"I remain particularly grateful to Alastair for his support of the idea to create a new and significant reinsurer that is enrooted in the Gulf countries but is rolling out a truly global franchise. Developing the initial concept for such a project as early as 2002, it has taken a decade to make it happen. Alastair remained a keen and sympathetic observer of this initiative during those years and he was welcomed when he offered to join us for a period as CUO, helping to manage what in the meantime had become Qatar Re.”

He continued: “I am delighted to announce the promotions of Luke and Mike to lead our underwriting function. Luke has been an ever-present figure in Qatar Re and is one of our longest-serving team members. He has served on our Executive Management Committee since the company redomiciled to Bermuda in 2015 and has experience across Qatar Re that provides an invaluable base for this leadership role.

"Mike joined our team late in 2016, further strengthening Qatar Re's underwriting management. His appointment reflects our ambition to continue to profitably grow our franchise during challenging market conditions. Mike has already made a great impact, drawing on his extensive professional experience, relationships and aptitude for analytics."

Today’s top stories

NN Group FY16 profit drops ahead of Delta Lloyd acquisition

JLT poaches Willis senior vice president to grow cargo business

Markel International to enter surety market

Beazley adds senior Markel exec to UK tech and data breach team

Did you enjoy reading this story?  Sign up to our free daily newsletters and get stories like this sent straight to your inbox.

Already registered?

Login to your account

To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.

Two Weeks Free Trial

For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk

More on this story

24 February 2017   Qatar Re has walked away from unprofitable business but was able to find attractive replacement, allowing the Bermuda-based reinsurer to grow its gross written premiums by 8.1 percent to $1.25 billion in 2016.
26 July 2017   Qatar Insurance Company's (QIC) gross written premiums grew by 14 percent in the first half of 2017, which the company said reflects its steady and systematic expansion across its global and regional target markets, lines of business and client segments.
14 August 2017   Oman Qatar Insurance (OQIC), a subsidiary of the Qatar Insurance Company (QIC), has announced its plans to float 25 million shares through an initial public offering on the Muscat Securities Market shortly.