Qatar Re has received authorisation by the Prudential Regulation Authority (PRA) to carry out certain regulated activities in the UK from its London branch.
Michael van der Straaten will lead the branch, in addition to his current role as the company’s CUO for long tail and specialty classes.
Commenting on the news, Qatar Re CEO Gunther Saacke said: “We are very pleased with Qatar Re’s authorisation in the UK. London is the leading global hub for specialty and wholesale insurance. Therefore, a local underwriting presence is almost imperative for any aspiring global reinsurer. This is particularly true for Qatar Re as proximity to our clients and brokers is one of our proven value drivers.”
He continued: “For Qatar Re, Britain is a major market of growing importance. Only a few days ago, we announced the acquisition, subject to regulatory approvals, of Markerstudy Group’s Gibraltar-based insurance companies which underwrite more than 5 percent of the UK motor insurance market, generating annual premiums of about £ 750mn.”
Michael van der Straaten remarked: “I am excited about my additional role as London branch head. Our local presence allows us to further enhance our access and offering to our UK clients and brokers. Qatar Re is looking forward to becoming an important member of the UK insurance community.”