Grant Gibbons, the Minister of Economic Development, rose in the House of Assembly to congratulate Qatar Re on its new offices at Belvedere Place, telling MPs the firm was “the exact kind of reinsurance entity we need in Bermuda”.

He said the firm started in November 2015 with three staff and over 18 months that complement grew to 18 staff, about half of whom are Bermudian, Dr Gibbons said.

Qatar Re represents “another international company which is making a big contribution to Bermuda and reinforcing our insurance product”, he added.

Michael Dunkley, the Premier, spoke in agreement, saying Qatar Re “shows the progress we are making” after he had cut the ribbon at the business.

“They have fitted it out for 19, and it will probably get over 20,” Mr Dunkley said.

“It is very clear to me that the staff enjoy their environment. The Bermudians there are really fitting in well.”

Mr Dunkley praised “the confidence displayed by the CEO and his team in Bermuda”.