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Qatar Reinsurance Company (Qatar Re) has ceased writing new and renewal business from its Singapore branch office, effective July 20, 2018.
According to a statement by the Qatar Insurance Company (QIC) subsidiary, it will work closely with its staff in Singapore, clients, broking partners, and regulators to ensure the orderly administration of existing business written from the branch.
The company added that the move does not affect Qatar Re’s sister company, Antares Asia, which continues to participate on the Lloyd’s Asia Platform.
“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,” said Qatar Re CEO Gunther Saacke. “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.”
Earlier this year, Qatar Re’s parent firm QIC declared a 24% year-on-year drop in its first quarter profits. This follows a 60% decrease in net profits for 2017, citing adverse global conditions.
Qatar Re is headquartered in Bermuda and writes business in various property, casualty, and specialty lines. Aside from Singapore, the company has branches in London, Zurich, and the Dubai International Financial Centre.
