Qatar Re grows its January renewals by 25%
Qatar Re’s renewal book grew by 25 percent in the January renewals. It said it also expects to maintain momentum for further growth on the back of its better geographical and product diversification.
The company said it expects to write approximately $432 million of property, casualty and specialty lines premiums from the January 1 renewals. Qatar Re renews roughly 55 percent of its total portfolio in January.
Qatar Re said it further expanded in areas it considered still attractive including US catastrophe reinsurance. It cancelled some of the most rapidly deteriorating pieces of business, which represented about 15 percent of the total renewal base.
The company’s 2014 year-end portfolio consists of 32 percent casualty including motor pro rata and excess of loss business, 31 percent specialty, 21 percent property and 16 percent Lloyd’s quota share business.
The main change in the renewed portfolio affects the Lloyd’s segment which was cut back by about one third to $65 million due to declining return expectations. Qatar Re said this reduction was more than offset by strong growth in more attractive catastrophe and specialty lines of business.
Gunther Saacke, Qatar Re’s chief executive officer, said: “We are pleased with the January renewals. Qatar Re remains on track to building a strong global reinsurance franchise. To the largest possible extent, we have weathered the severe headwinds from a rapidly deteriorating global reinsurance market environment.
“Our active cycle management, in combination with in-depth technical know-how and specialty lines expertise, has enabled us to grow the book without compromising on overall technical profitability.”
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