Press Release - Qatar Insurance Company announces completion of Antares acquisition
Doha, 26 June 2014 - Qatar Insurance Company SAQ (“QIC”), the largest insurance company in the Middle East, is pleased to announce the completion of the acquisition of Antares Holdings Limited (“Antares”), a leading specialist insurance and reinsurance group operating in the Lloyd’s market. All necessary regulatory approvals for the acquisition have been obtained.
The acquisition of Antares expands QIC’s global footprint through access to Lloyd’s Syndicate 1274 and Antares’ own integrated managing agency, as well as a Bermudian platform with a Class 3 reinsurance license.
Khalifa Al Subaey, Group President and CEO of QIC said:
“The acquisition of Antares significantly accelerates our vision to establish QIC as a global insurance group. We are now generating over 50% of our premium volume in international markets. QIC will continue to build out this additional engine of growth in order to complement and diversify our highly dynamic domestic and regional business.”
Mr. Al Subaey added:
“Antares will continue to operate under its own brand at Lloyd’s and enjoy a stable future. We welcome our new colleagues to QIC. Their dedication and expertise have been central to Antares’ success.”
Stephen Redmond, Managing Director of Antares said:
“Our acquisition by QIC marks the beginning of an exciting new chapter in the history of Antares. Our complementary capabilities and aligned underwriting philosophies afford us tremendous opportunities.”
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” from 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 had a market capitalisation in excess of US$ 3.4 billion (as at 2/06/14). For further information on QIC please visit www.qatarinsurance.com.
Antares Holdings Limited launched Lloyd’s Syndicate 1274 in 2008 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 was established following approval from Lloyd’s and the FSA. Antares was acquired by QIC in June 2014. For more information, please visit www.antaresunderwriting.com.
Shuja Noorani, Senior Vice President, Strategy
+974 44962 332
Henner Alms, Partner, Dr. Schanz, Alms & Company
+41 44 256 1082
+44 (0)20 7562 4444