Qatar Financial Centre's first pure reinsurer in business in time for Jan 1 renewals

The Qatar Financial Centre Regulatory Authority has authorised Q-Re to carry on regulated activities in the Qatar Financial Centre, the financial and business centre in Doha. Q-Re will be the first pure reinsurer in the Qatar Financial Centre.

Q-Re has been allocated Qatar Financial Centre Licence No. 117. Q-Re is a subsidiary of Qatar Insurance Company International and the Qatar Insurance Company.

Phillip Thorpe Chairman and CEO of The Qatar Financial Centre Regulatory Authority said: "I regard the authorisation of the Qatar Financial Centre’s first pure reinsurer as being a very important, and welcome development. Qatar’s insurance and reinsurance markets are sectors which are likely to see considerable growth over the coming years and the need for credible regionally based reinsurers will only increase. It is particularly pleasing to see one of Qatar’s leading financial services institutions taking this initiative, and that it should choose to utilise the regulatory platform that the Qatar Financial Centre has made available."

Mr. Khalifa Al Subaey President and CEO of Qatar Insurance Group said: "We are delighted to note the authorisation of our second regulated company in the Qatar Financial Centre. As the first pure reinsurance company established in Qatar we are sure Q-Re will contribute significantly to the broadening of the Qatari economy in line with the wise vision of His Highness Sheikh Hamad Bin Khalifa Al Thani, Emir of the State of Qatar. We are very pleased with the approach taken by the Qatar Financial Centre Regulatory Authority allowing Q-Re to begin operations in time for the important January 2010 renewal season. We are pleased with what was a challenging, professional and robust authorisation process. We are grateful to the Qatar Financial Centre Regulatory Authority team, and to our own staff who have worked tirelessly to achieve this wonderful result."