SEIB Insurance and Reinsurance is a joint venture between a leading royal and Chedid Capital
SEIB Insurance and Reinsurance, a new Qatari company headquartered in Doha, has been granted a licence by the Qatar Financial Centre Regulatory Authority (QFCRA).
The company will soon begin operations in the Qatar Financial Center (QFC) offering insurance and reinsurance services to both corporate and retail clients. SEIB is the result of a joint venture between Sheikh Jabor Bin Yosef Bin Jassim Al Thani and Chedid Capital Holding.
Chedid Capital Holding is a regional investment company specialised in the insurance and reinsurance industry. It is a group that was first established in 1998 and that has grown since at a compounded annual growth rate of 53% over an 11 years period. Chedid Capital Holding generates business out of 22 countries in the Middle East, North Africa and beyond. It is partly owned by Euromena, which is a private equity fund managed by Capital Trust of the UK and sponsored by the European Investment Bank. The joint venture is managed by a strong team of professionals who are leading a dynamic proactive underwriting, risk management and marketing approach.
“The rapidly growing economy of Qatar drives the need for advanced Insurance products and services. The role of the insurance industry is to support the economic development of this country. SEIB will offer market leading insurance products and services to support all sectors of the Qatari economy. We are thrilled with this new project. Qatar deserves it," says SEIB Chairman Sheikh Jabor Bin Yosef Bin Jassim Al Thani.
“The decision to partner with HE Sheikh Jabor to establish a joint venture in Qatar represents a major strategic move for us and is part of our group’s long term commitment to the Qatari insurance and reinsurance market. We look forward towards a vigorous role in the Qatari economy over the coming years. We are committed to add value to the Qatari market in terms of professionalism, product and service know-how and innovative distribution. We are happy to be authorised and regulated by the QFC regulatory authority, it gives credibility and peace of mind to investors and clients seeking insurance and reinsurance” says Farid Chedid, Chairman of Chedid Capital.
“The Middle East’s highly untapped market, rising awareness levels, the rapid growth of insurable assets, and various government initiatives are driving the expansion of the Qatari insurance market. We look forward towards further growing the relationship with Qatari and regional businesses over the coming years by offering added value services to corporations and individuals. Insurance is part of the risk management process and through the transfer of risks, corporations can unleash their investment potential even further. Among GCC countries, Qatar offers the most promising market for insurance companies with the fastest growth rate and the highest average premium. The QFCRA has enabled us to enter this market,” added SEIB CEO, Albert Madendjian.