Press Release - Qatar Insurance Company SAQ reaches agreement to acquire Antares
Antares Holdings Limited (“Antares” or “the Company”), the specialist Lloyd’s insurance business, is pleased to announce that Qatar Insurance Company SAQ (“QIC”) has reached agreement to acquire the entire share capital of the Company. The transaction, which is subject to UK, Bermudian and Qatari regulatory approvals, is expected to close in the second half of 2014.
Stephen Redmond, Managing Director of Antares said:
“We are very proud of the significant progress that we have made since the formation of Antares. We are excited about becoming part of QIC and believe that Antares and QIC have complementary models built around an aligned underwriting philosophy. As part of QIC, Antares will be well placed for the future.”
Joe Battle, Active Underwriter of Antares Syndicate 1274 added:
“This agreement marks an important development in the history of Antares and I am delighted that we will have the opportunity to further grow our business as part of QIC. We have reached this point through a combination of quality, specialist underwriting and consistent service and are committed to providing our brokers and policy holders with the same high standards that have underpinned our business since its inception. We look forward to working with our new colleagues at QIC.”
Antares Holdings Ltd was launched in 2007 by an investor group led by the U.S.-based private equity firm Lightyear Capital LLC. In 2008 the Company launched Lloyd’s Syndicate 1274 to provide a diversified range of property, casualty, marine and aviation underwriting and claims services on a worldwide basis. Since its launch the syndicate has successfully developed and grown its capacity from £135m to £222m in 2013.
In January 2010, Antares Managing Agency Limited (AMAL) was established following approval from Lloyd’s and the FSA.
QIC is a publicly listed composite insurer with a consistent performance history of 50 years and an underwriting footprint across the Middle East, Africa and Asia. Founded in 1964, QIC was the first domestic insurance company in the State of Qatar. Today, QIC is the market leader in Qatar and a dominant insurer in the GCC & MENA region. QIC is one of the highest rated insurers in the Gulf region with a rating of “A/Stable” from Standard & Poor’s and “A/Excellent” by A.M. Best. In terms of profitability and market capitalisation, QIC is also the largest insurance company in the MENA region. It is listed on the Qatar Exchange and has a market capitalisation in excess of US$ 2.9 billion. For further information on QIC please visit www.qatarinsurance.com.