Insurer has ‘change of strategy’ in the region

Multaqa Qatar map

Mitsui Sumitomo is closing its Qatar office in favour of its Dubai operation, GR understands.

The insurer’s office in Doha’s Qatar Financial Centre will stay open for a while longer until it has dealt with certain reinsurance contract liabilities and the Qatar regulator gives it permission to close.

Mitsui would not comment publicly, and GR understands that the insurer has simply attributed the move to ‘a change in strategy’ when speaking to its partners in the region.

Renewals and new business for Mitsui business with Japanese interests will be handled from Mitsui’s Dubai office after the Qatar office closes. All existing business without Japanese interests is now in run-off, but Mitsui can consider new business through a Lloyd’s facility.

Mitsui’s head office in London will take over policy administration and handle any claims payments for existing business.

The insurer opened its Qatar office in May 2009.