Major Middle East move affirms the island’s status as key reinsurance hub
Qatar Re today announced that it will move its headquarters from the Qatar Financial Centre (QFC) and domicile in Bermuda.
The move, which will take place in Q4 of this year, will result in Qatar Re’s capital base increasing to approximately $500m.
Qatar Re chief executive Gunther Saacke commented: “As a global reinsurance franchise, we have to be present in the key reinsurance centres worldwide. Moving Qatar Re’s headquarters to Bermuda will consolidate capital and further enhance the international scope of our business and proximity to our clients.”
Qatar Re’s move coincides with Bermuda’s drive over the past few years to encourage (re)insurers to domicile in the country in order to affirm the island’s position as a key (re)insurance hub.
In 2013, the then Bermudian premier, Craig Cannonier, spoke with GR about creating more streamlined processes for companies that wanted to call the hub home. He added: “Bermuda still is, we believe, the insurance capital of the world. We are a one-stop shop.”
Qatar Re will continue to benefit from a parental guarantee from the QFC, and will maintain presence in the QFC through a branch office.