Qatar Re granted Dubai branch licence
Bermuda-based Qatar Reinsurance Company has been granted a licence to operate a branch office from the Dubai International Financial Centre (DIFC) in the United Arab Emirates.
The approval was given by the Dubai Financial Services Authority and became effective on November 22.
“The branch licence from the DFSA is yet another milestone in our strategy of expanding Qatar Re's global franchise,” said Gunther Saacke, Qatar Re's chief executive officer.
“In a marketplace under pressure from commoditisation, proximity to clients and first hand market insight are key to providing added value services and bespoke products across the region.”
The company said it will offer facultative and treaty reinsurance in classes 4, 5, 6 and 8, being marine, aviation and transport, property, construction and engineering, energy, liabilities and personal accident to clients from the Middle East, Africa and Asia.
The branch office will be headed by senior executive officer Nabih Massaad and will initially have a staff of eight, who will be mostly engaged in underwriting roles.
In a statement, Qatar Re said: “Notwithstanding the opening in Dubai and the transfer of incorporation to Bermuda and the approval of the Class 4 licence in Bermuda, in November, Qatar Re's operations in Qatar, Doha, will supply important services to Qatar Re and other group operations through a new service entity called Qatar Reinsurance Services LLC. QRS will deliver management accounting, claims administration and actuarial services.”
Mr Massaad said: “We are thrilled to be expanding to the DIFC, one of the world's fastest growing reinsurance hubs. Our underwriting platform in the DIFC will give Qatar Re further momentum in expanding its footprint in the Middle East, Africa and parts of Asia.
“Due to our origins in the Middle East, Qatar Re has an excellent grasp of the region's risk management and reinsurance needs. We are keen to offer our clients the best personalised service. Our branch in the DIFC provides us with the access to these growing markets and to support our clients with our specialty and facultative products.”