Qatar Re shuts down Singapore unit
Bermuda-based Qatar Reinsurance Company (Qatar Re), a subsidiary of Qatar Insurance Company (QIC), has ceased writing new and renewal business from its branch office in Singapore from July 20.
The company said it will work closely with its Singapore-based staff, its clients and broking partners and regulators to ensure the orderly administration of existing business written from the branch.
This decision does not affect Qatar Re’s sister company, Antares Asia, which continues to participate on the Lloyd’s Asia Platform.
In June 2018, Qatar Re suspended writing all of its facultative business from its branch office in the Dubai International Financial Centre (DIFC) following a strategic review.
Gunther Saacke, Qatar Re’s CEO, commented: “Like many of our peers, we have been looking very closely at our business with a view to enhancing underwriting profitability and operational efficiency in what continues to be a very challenging environment for global reinsurers.
"As a reinsurer committed to the long-term sustainability of our business, it is appropriate that we should continue to reflect on the performance of our underwriting portfolio and the effectiveness of our distribution network and to adapt our approach where we believe this to be in the best interests of the company, our policyholders and our shareholder. We remain committed to providing the highest levels of service to all our clients and broking partners across our global franchise.”
Qatar Re is a multi-line reinsurer writing all property, casualty and specialty lines of business. The company operates from its headquarters in Bermuda and branch offices in London, Zurich, Singapore and the Dubai International Financial Centre.
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