Qatar Re unveils plans to re-domicile to Bermuda

Qatar Re, a subsidiary of Qatar Insurance Company, has unveiled plans to transfer its seat of incorporation from the Qatar Financial Centre to Bermuda.

The proposed transfer is expected to take place in the fourth quarter of this year, subject to regulatory approvals.

The company will become a Class 4 reinsurer, regulated by the Bermuda Monetary Authority.

It will merge with the Qatar Insurance Group’s existing Bermuda incorporated reinsurer, Antares Reinsurance, which will result in Qatar Re’s capital base increasing to approximately $500 million.

The firm aims to maintain a presence in the Qatar Financial Centre by establishing a branch office and will continue to operate its existing office in Zurich and representative offices in London and Singapore. Another office based in the Dubai International Financial Centre is awaiting regulatory approval.

Gunther Saacke, Qatar Re’s chief executive officer, said: “As a global reinsurance franchise, we have to be present in the key reinsurance centres worldwide. Moving Qatar Re’s headquarters to Bermuda will consolidate capital and further enhance the international scope of our business and proximity to our clients.”