Qatar Reinsurance Company (Qatar Re) has received authorisation from the Prudential Regulation Authority to operate in the UK, and open a branch office in London.
“London is the leading global hub for specialty and wholesale insurance,” said Gunther Saacke, Qatar Re CEO. “Therefore, a local underwriting presence is almost imperative for any aspiring global reinsurer.
“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.”
Additionally, Michael van der Straaten has been appointed to lead the British operations, in addition to his current role as chief underwriting officer for long tail and specialty classes at Qatar Re.
Van der Straaten joined Qatar Re in 2016 from
Chubb Tempest Re where he was deputy head of its London office 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. He began his career at Lloyd’s as box manager and non-marine property treaty underwriter.
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