Qatar Re will transfer its seat of incorporation from the Qatar Financial Centre to Bermuda, during the 2015 fourth quarter. The move, subject to regulatory approvals, is designed to expand the reinsurer’s international reach.
“Moving Qatar Re’s headquarters to Bermuda will consolidate capital and further enhance the international scope of our business and proximity to our clients,” Qatar Re’s CEO Gunther Saacke said in prepared remarks.
Qatar Re explained that once the move is completed, it will become a Class 4 reinsurer regulated by the Bermuda Monetary Authority. As part of the change, Qatar Re will merge with Qatar Insurance Group’s existing Bermuda incorporated reinsurer, Antares Reinsurance Limited.
Once the corporate change is complete, Qatar Re said its capital base will grow to about $500 million. It will still have a parental guarantee from Qatar Insurance Company S.A.Q. and its A / Stable and A (Excellent) credit ratings from Standard & Poor’s and A.M. Best.
Qatar Re hasn’t abandoned its home base, however. The reinsurer said it will maintain a presence at the Qatar Finance Center through a branch office. It will also maintain existing branch offices in Zurich and representative offices in London and Singapore.
Another branch office in the Dubai International Financial Centre will be opened, pending regulatory approval.
Source: Qatar Re