Qatar Re to open new London branch; appoints head
Bermuda-based Qatar Reinsurance Company (Qatar Re) has received regulatory authorisation from the UK's Prudential Regulation Authority (PRA) to open a branch office in London and carry out certain regulated activities.
Michael van der Straaten will lead the branch, in addition to his current role as the company’s chief underwriting officer for long tail and specialty classes.
Van der Straaten began his career at Lloyd’s as a box manager and non-marine property treaty underwriter. He joined Qatar Re in December 2016 from Chubb 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 portfolios. Prior to this, he held various underwriting positions with a primary focus on casualty lines alongside wider management responsibilities.
Gunther Saacke, Qatar Re’s CEO, said: “We are very pleased with Qatar Re’s authorisation in the UK. London is the leading global hub for specialty and wholesale insurance. Therefore, a local underwriting presence is almost imperative for any aspiring global reinsurer. This is particularly true for Qatar Re as proximity to our clients and brokers is one of our proven value drivers.
“For Qatar Re, Britain is a major market of growing importance. Only a few days ago, we announced the acquisition, subject to regulatory approvals, of Markerstudy Group’s Gibraltar-based insurance companies which underwrite more than 5% of the UK motor insurance market, generating annual premiums of about £ 750 million.”
Van der Straaten commented: “I am excited about my additional role as London branch head. Our local presence allows us to further enhance our access and offering to our UK clients and brokers. Qatar Re is looking forward to becoming an important member of the UK insurance community.”
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