The Middle East reinsurer affirms its international intentions with new base
Qatar Re today completed the process of re-domiciling to Bermuda.
The reinsurance company has also been granted Class 4 licence from the Bermuda Monetary Authority (BMA).
The Middle East post powerhouse announced its move on 1 September, stating that the move supported its “international scope”.
Qatar Re chief executive Gunther Saacke said: “Our move to Bermuda marks a significant milestone on our journey to becoming one of the most sought after partners in our industry.
”Bermuda was a natural choice for us due to its international reputation and proximity to the US market, along with its anticipated Solvency II equivalence.”
The move has not affected the reinsurers rating with AM Best and Standard & Poor’s, which remains at ‘A’ for both agencies.
Qatar Re’s capitalisation will increase to approximately $500m as part of the re-domiciling.