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FinancialNews
24-01-18
Qatar Insurance Company: global expansion, diversity plan on track
(MENAFN) The international development and diversification plan of Qatar Insurance Company (QIC) Group was revealed to be progressing as expected following the new Markerstudy Group transaction.
"The Markerstudy transaction is yet another important milestone on our journey towards becoming a Global Top-50 Insurance Group. This is the vision our Board of Directors formulated back in 2011 when QIC Group's non-Mena business represented just 20 percent of our total portfolio," Group President & CEO of QIC Group Khalifa Abdulla Turki Al Subaey stated.
He continued "meanwhile, we have successfully repositioned Qatar Re as a global player and Antares as our Lloyd's specialty platform. Including the Markerstudy companies, the share of QIC Group's non-Mena business will soon exceed 80 percent."
The CEO further added, speaking about the matter "the main strategic attraction of this unique deal is the addition of a sizeable lower volatility book of UK motor insurance business with predictable and long-term profitability. Moreover, through our subsidiaries Qatar Re and Antares, we are well positioned to benefit from any cyclical upturn in global specialty and other non-motor (re)insurance markets. And, finally, the Markerstudy transaction will enable QIC Group to continue writing UK business under any post-Brexit scenario."
MENAFN2401201800450000ID1096384220
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